Qarmet posts 6.1 bln tenge net profit in 2025 after 63.5 bln loss

September 3, 2026 at 03:48 PM2 min

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Kazakhstan steelmaker Qarmet reported a net profit of 6.1 billion tenge for 2025, reversing a 63.5 billion tenge loss a year earlier. The company also disclosed total liabilities of 1.4 trillion tenge, up a third, driven by $1 billion in bond placements. The results were published in the Financial Statements Depository on September 3, 2026.

Key Facts

Qarmet's net profit reached 6.1 billion tenge in 2025, compared with a 63.5 billion tenge loss in 2024.
Total liabilities rose 33% to 1.4 trillion tenge, driven by bond debt and other long-term obligations.
The company placed two $500 million bond tranches in September and December 2025, with coupons of 11% and 10.2% and maturity in 2032.
In June 2026, Qarmet issued a third bond of 4.1 billion Chinese yuan with a 9% coupon, maturing in 2036, bringing total bond volume to about $1.6 billion.
Qarmet's assets grew 24% to 1.84 trillion tenge by the end of 2025.

Financial Turnaround

Qarmet, formerly ArcelorMittal Temirtau, swung to a net profit of 6.1 billion tenge in 2025 from a loss of 63.5 billion tenge in 2024. Other expenses fell by more than half to 38.7 billion tenge, and the company recorded a positive foreign exchange effect of 24.7 billion tenge versus a 59.5 billion tenge loss a year earlier. Loss from continuing operations narrowed 19-fold to 1.8 billion tenge, while profit from discontinued operations was 7.9 billion tenge compared with a 29.2 billion tenge loss in 2024. In March 2025, Qarmet established Karaganda Komir LLP, and in December completed the transfer of coal mining and processing activities to that entity.

Debt and Bond Issuance

Qarmet's financial obligations rose 68.4% to 1.03 trillion tenge, mainly due to bond debt. The company placed two $500 million bond tranches in September and December 2025, with coupons of 11% and 10.2% and maturity in 2032. At the end of 2025, short-term and long-term bonds totaled 510.6 billion tenge at carrying value, with total future bond payments of 858.6 billion tenge. In June 2026, Qarmet issued a third bond of 4.1 billion Chinese yuan with a 9% coupon and maturity in 2036; trading on AIX is scheduled for September 10. The three bond issues total about $1.6 billion.

Assets and Investment Program

Qarmet's assets reached 1.84 trillion tenge at the end of 2025, up 24% year-on-year. Cash, other short-term assets, investments in subsidiaries, and intangible assets showed the most notable growth. Capital project obligations rose 55% to 568.8 billion tenge. The company reported a large-scale production modernization program, with an agreement with the government providing for $3.5 billion in investments. Long-term environmental obligations for mining assets, landfills, and site restoration fell 5.4 times to 5.9 billion tenge.