Steel & metals investment advisory · Europe · U.S. · GCC · Asia · Africa
Independent investment advisory for steel and metals, backed by senior operating experience
We help investors, lenders, industrial groups and project sponsors evaluate, structure and deliver steel and metals investments, from market thesis to a commissioned, profitable asset.
25+
years in steel, metals and mining, including 15 at Metinvest Holding
10
mandates led by Ussuri Capital since 2023, with combined project scope of over $1bn
5
regions: Europe, the U.S., the GCC, Asia and Africa
Full chain
iron ore and coking coal to flat steel, long products, all types of pipe and structural steelwork
Three core capabilities
From market thesis to operating asset.
End to end, or at any single stage.
01
Investment advisory & transactions
From market thesis to a financed investment decision.
- Market & pricing strategy
- Feasibility, business plan & DCF valuation
- Investment case & IC / lender pack
- Buy-side, sell-side & second-opinion M&A
- Structuring & fundraising readiness
Track recordAll 10 Ussuri mandates
02
Project development & execution
From investment decision to a commissioned asset.
- Site due diligence & pre-FEED
- Technology route, OEM & vendor selection
- Owner's representative for FEED, EPC & commissioning
- Project management oversight through to hot trials
Track record2 Ussuri mandates, incl. 450 kt/yr EAF and 250 kt/yr re-rolling complex
03
Commercial strategy & transformation
From commissioning to sustainable margins.
- Commercial ramp-up & pricing
- Route-to-market & sales transformation
- Special situations & turnarounds
- CBAM & decarbonisation strategy
Track recordMarketing Director, Metinvest; PE carve-out completed
How we deliver
Practitioner-led, not slide‑led.
Every mandate is led personally by the principal. For each project we assemble a dedicated team from a trusted bench of senior independent specialists, under one contract and one point of accountability.
The specialist bench
Engineering & technology
Ex-OEM / EPC engineers
Market analytics
Steel & raw-materials experts
Financial modelling
Project finance and valuation
Legal & tax
Partner firms per jurisdiction
Team composition is tailored to each mandate; specialist profiles are shared with clients under NDA.
Who we work with
Built for the people who invest in, finance and build steel.
- Investors & family officesAssessing steel and metals deals; other industrials on request
- Private equity fundsAcquiring, carving out or exiting assets
- Project sponsorsPreparing projects for financing
- Industrial groupsEntering new markets or routes (EAF, DRI)
- Lenders & co-investorsNeeding an independent second opinion
Track record · 7 of 10 Ussuri mandates
Selected mandates.
Client names are confidential. References from clients are available on request.
Buy-side M&A · U.S. · 2025–26
Acquisition of a 650 kt/yr brownfield seamless pipe plant
Buy-side adviser and project manager for a PE-backed acquirer of a 650 kt/yr plant.
Origination · Valuation · IC deck · DCF · Due diligence · Project management
In progressValuation agreed; commercial and technical DD completed; original OEM engaged; term sheet signed.
Brownfield · Eastern Europe · 2026
$70M EAF steelmaking plant and rebar mill
Repositioning of a former industrial site into a 450 kt/yr EAF meltshop, with a rebar mill in Phase 2.
Site due diligence · Market strategy · Pre-FEED · DCF model · Project management
In progressProject moved from concept to feasibility stage.
Sell-side · PE client · 2026
Carve-out sale of a 200 kt/yr rebar rolling mill
Separation of a rebar mill from a complex, shared industrial site and preparation for sale.
Sell-side advisory · Deal structuring · Project management
CompletedTransaction closed; asset transferred to the buyer.
Greenfield · U.S. · 2025
350 kt/yr seamless pipe mill for OCTG and line pipe
Market entry and business case for a new U.S. seamless mill serving OCTG casing and line pipe.
Pre-feasibility · Market entry strategy · DCF model · Business plan
CompletedThe market work led the sponsor to a brownfield acquisition route, now in progress.
Buy-side · Africa · 2025
Minority stake and offtake in an iron ore asset
Target selection and structuring of a minority investment linked to a long-term offtake agreement.
Origination · Target selection · DCF model
CompletedInvestment case and DCF model delivered to the client's investment committee.
Strategy · Asia · 2025
Target screening across 4 segments for a major commodity house
Global iron ore, coking coal, carbon steel and stainless steel segments ranked by attractiveness.
Market analysis · Business strategy · Attractiveness screen
CompletedTarget shortlist adopted by the client's investment committee.
Greenfield · Romania · 2024
€160M flat-steel cold-rolling and coating complex
Phase 1: pickling (400 kt/yr), cold rolling and galvanising (250 kt/yr each), pre-painting (130 kt/yr). Optional Phase 2: EAF and hot strip mill.
Strategy · Feasibility · Vendor engagement · DCF model · Investor deck
On holdInvestor-ready feasibility, DCF model and deck delivered; awaiting sponsor financing.
Your project
Evaluating a steel or metals investment?
We can start at any stage, from market thesis to investment decision, or with a one-to-two-week focused review.
Discuss your mandate →Focus area · Green steel
Europe's steel market is being redrawn. We've done the homework.
We developed a full investment case for a carbon-neutral flat-steel project in Romania, near the port of Constanța. That analysis now supports our clients' decisions on CBAM, low-carbon routes and CEE market entry.
€108-132/t
estimated added carbon cost per tonne of BF-BOF steel by 2034 under ETS & CBAM
~0.4 t
CO₂ per tonne via scrap-EAF, vs ~1.8-2.2 t for BF-BOF
>20 Mt
of flat products imported into the EU each year
About the principal
Roman Kurashev
Managing Director · Former Director of Strategy & Marketing, Metinvest Holding · LBS MBA
Industrial executive and investment advisor with 25+ years in steel, mining, metals and construction materials, combining senior commercial and strategy leadership with M&A and greenfield project development. Roman founded the Ussuri Capital advisory practice in 2023.
He spent 15 years at Metinvest Holding, rising to Director of Strategy & Marketing (2013–21). He led the group's global marketing, pricing and investment strategy, and developed the corporate strategy approved by the Supervisory Board: an $8.8B capex roadmap to 2030.
Before Metinvest, he ran the export trading desk for electrical steel to Asia at a major steel producer. He also served as non-executive director of the Ukrainian Steel Construction Center (2013–21).
Expertise
Steel · Iron ore · Coking coal · Metals · Industrial investment · M&A · Greenfield projects · Strategy · Commercial · Go-to-market
Education
MBA, London Business School · Harvard Business School, Private Equity & Venture Capital · IMD, Strategy & Leadership
Principal's prior experience · Metinvest Holding
2006–2021, as a member of the group team. Not Ussuri Capital mandates.
$8.8B
Group strategy and capex roadmap to 2030, developed and approved with the Supervisory Board
20+
M&A transactions, aggregate scope over $2.5B: commercial due diligence, valuation and synergies
+1 Mt/yr
European sales-channel restructuring, with $130M of identified opportunities
$150M
Effect from 119 new products launched by a cross-functional team since 2009
How to engage
Three ways to work together.
Scope and fees are agreed up front, sized to the decision in front of you.
1–2 weeks
Focused review
Second opinion, red-flag review or valuation check.
FeesFixed fee
2–9 months
Project mandate
Feasibility, transaction or pre-FEED work.
FeesFixed fee or retainer, plus milestone-linked performance fees
Ongoing
Retained & interim
Owner's representative, board or interim roles.
FeesMonthly retainer; equity-linked or earn-out models for special situations
Next step
Evaluating a steel or metals investment? Let's discuss your mandate.
Tell us briefly what you're working on. Everything you share is treated as confidential.
- 01We reply within two business days.
- 02An introductory call with the principal, under NDA if needed.
- 03A scoped proposal: focused review, project mandate or retainer.
Capabilities profile · 2 pages
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