Updated view. 
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Analyst’s comments after Metso’s Q3 results.
Target price rises to 12.50 euros (previous: 11.00 €), recommendation remains unchanged at REDUCE level.
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Here are OP’s Jussi Mikkonen’s thoughts on Metso’s Q3 in video form 
Metso published its Q3 report yesterday, where both orders and earnings exceeded forecasts, especially in the Minerals segment. Senior Analyst Jussi Mikkonen, who follows the company, reviews in the video the most important figures from the results, the company management’s comments, and the future outlook.
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Metso has received an order to supply a third sintering plant to Steel Authority of India Ltd. (SAIL)'s IISCO Iron & Steel Plant (ISP) in Asansol, West Bengal, India. The order was booked in the Ferrous business line during the third quarter of 2025. The Ferrous business is currently being divested and will be presented as a discontinued operation. The value of the order is approximately EUR 32 million.
Metso’s delivery includes the design, equipment supply, installation, and supervision of commissioning for the new sintering plant. The plant will have a capacity of 2.67 million tons per year and is part of SAIL ISP’s significant crude steel expansion project, which has a capacity of four million tons per year. The order includes Metso’s Emission Optimized Sintering (EOS) technology, which significantly reduces solid fuel consumption and cuts CO2 emissions by over 54,000 tons annually, contributing to SAIL’s goal of moving towards more sustainable steel production. The new sintering plant production line is expected to be operational in 2029, supporting India’s efforts towards a more efficient and sustainable future.
Metso and SAIL have a long-standing partnership regarding grate-kiln sintering plants, and Metso has successfully delivered four sintering plants to SAIL already.
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As part of its efficiency targets, Metso has assessed that a credit rating from one service provider is sufficient for it. As a result of the assessment, Metso has decided to terminate its credit rating cooperation with Standard & Poor’s Global Ratings, and has requested it to withdraw its rating, which is currently BBB with a stable outlook. Moody’s Investors Service will continue as Metso’s international credit rating agency, with its current credit rating for Metso being Baa2 with a stable outlook.
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Metso has concluded the change negotiations initiated on October 7, 2025, in its Minerals business area. As a result of the negotiations, a total of approximately 80 positions will be reduced globally. Of these, 43 are positions in Finland.
The negotiations concerned changes in the operating model and other efficiency measures. With these and previously implemented measures, annual cost savings of 13 million
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Here’s a video on the “electrification trend” and how it affects Metso.
https://x.com/STNXfi/status/1986058125279916137
Those without an X account can watch here
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Fortescue’s Christmas Creek Green Metal Project in Australia Utilizes Metso’s Revolutionary DRI Technology
Metso will supply the core process design and technology for Fortescue Ltd.'s Christmas Creek Green Metal project in Pilbara, Western Australia. Equipment installation began in September 2025.
The project will validate the functionality of carbon-free manufacturing technology for producing high-quality molten iron. The produced direct reduced iron, also known as DRI, can be further processed into so-called green steel. The technology supplied by Metso covers hydrogen-based CircoredTM fluidized bed technology for direct reduction and a smelting process utilizing renewable electricity.
The pilot project’s annual production will be over 1,500 tons, and studies are currently underway for the construction of a commercial-scale plant.
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Metso has received an order for the delivery of a compact pelletizing plant to Kuminex Steels Pvt. Ltd. in Hospet, Karnataka, India. This is Metso’s first modular, compact iron ore pelletizing plant, tailored to the needs of emerging players in India’s dynamic steel market. The order, valued at eleven million euros, has been booked in the Ferrous business line for the last quarter of 2025. This business is currently being divested and will be reported as part of discontinued operations.
Metso’s delivery covers the design and supply of equipment, instrumentation, and automation systems belonging to the pelletizing plant. In addition, Metso will provide supervision services and technical training for the project.
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Updated view.
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Metso to supply key process equipment to Harmony’s Eva Copper Mine project in Queensland, Australia. Eva Copper is the largest new copper concentrator of this size in the region in over ten years, and it plays a significant role in ensuring the availability of critical metals in Australia. The order value is approximately EUR 55 million and it has been booked in the Minerals segment’s third quarter 2025 orders received.
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Metso has received an order for the delivery of a compact pelletizing plant to Greta Energy Ltd. in Chandrapur, Maharashtra state, India. This is Metso’s second modular, compact iron ore pelletizing plant in India. The order, the value of which is not disclosed, has been booked in the Ferrous business for the last quarter of 2025. This business is currently being divested and will be reported as part of discontinued operations.
The core of Metso’s delivery is a three-meter-wide pelletizing furnace. The delivery also includes instrumentation as well as the design and installation of automation systems.
Metso launched compact pelletizing plants in 2022. Since then, the company has received three projects from China and two from India.
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Metso celebrated the opening of a new competence center located in Pittsburgh, USA, on December 9. The new facility strengthens Metso’s engineering expertise in material handling solutions and improves customer focus in the North American market. The establishment of the facility demonstrates Metso’s commitment to developing customer service and technical support in the region.
The new competence center currently employs nearly 20 specialists, and the number of personnel is planned to increase. The unit’s location provides diverse career opportunities for university graduates and supports the development of young professionals in collaboration with the University of Pittsburgh, Carnegie Mellon University, and Duquesne University.
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Metso Sells Its Loading and Hauling Business in Finland and Sweden to Miilux Oy
Metso has signed an agreement to sell its loading and hauling business operating in Finland and Sweden to Finnish Miilux Oy, which sells and manufactures wear and protection steel products and solutions for demanding applications using its own brands and innovations. The sales agreement is related to the news published in August 2025 regarding the initiation of a business evaluation process.
The decision is in line with Metso’s new ‘We go beyond.’ strategy, published in September, which focuses on growth, profitability, and increasing the share of service business. By selling the loading and hauling business, Metso sharpens its strategic focus while ensuring that the business and its employees thrive under a new owner committed to its development and the continuity of customer service.
Approximately 100 employees, mainly in Kokkola and Kalajoki in Finland and Luleå in Sweden, as well as assets and facilities related to the transaction, will transfer to the new owner. The acquisition is expected to be confirmed by early February 2026, after receiving regulatory approvals.
Metso will continue to support its current customers by offering rubber linings for mining truck bodies and other wear parts in selected markets.
The value of the transaction is not disclosed. The transaction will not have a significant impact on Metso’s results.
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Metso has received an order to supply advanced Metso Plus minerals processing and dewatering equipment for the Reko Diq copper-gold project in Pakistan. The orders are part of a comprehensive framework agreement announced in August 2024. The value of the order is approximately EUR 70 million. Of this, EUR 40 million has been booked in the Minerals segment’s 2025 third-quarter orders received, and EUR 30 million in the final quarter’s orders.
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Leone Rock Metal Group (LRMG) has ordered key process equipment from Metso for the 30 million tonne magnetite concentrator of Phase III of the Tonkolili iron ore project in Sierra Leone. The value of the order is not disclosed, and it will be booked in the Minerals segment’s 2025 fourth-quarter order intake.
The delivery includes the supply of a primary gyratory crusher, six cone crushers, two vertical mills, and a thickener, including commissioning and spare parts. The vertical mills and thickeners are part of the Metso Plus product offering, which helps mining customers improve energy efficiency, reduce carbon dioxide emissions, and enhance production.
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Metso will supply Grupo Mexico with several high-capacity Nordberg® MP800 crushers for the company’s La Caridad copper mine concentrator in Nacozari, Sonora, Mexico.
Grupo Mexico is Mexico’s largest copper producer. Metso is a long-term strategic partner of Grupo Mexico and has supplied a significant amount of equipment to the company’s mines over recent years.
The value of the order, which has been booked in the Minerals segment’s 2025 third-quarter order intake, is over EUR 20 million.
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Metso has booked the third part of the orders related to the copper smelter deliveries for the mining company JSC Almalyk Mining and Metallurgical Complex (Almalyk MMC), based on the equipment and project delivery agreements signed on August 9, 2024. The first part of the orders, EUR 146 million, was booked in October 2024, and the second part, EUR 50 million, in the first quarter of 2025. During the fourth quarter of 2025, project-related orders worth EUR 70 million were booked in the Minerals segment. Any potential further orders will be announced once they become effective.
Almalyk MMC is Uzbekistan’s leading copper producer. The company produces refined copper, gold, silver, zinc, molybdenum, lead concentrate and other products. Metso’s delivery includes flash smelting and converting, gas cleaning, and process equipment and services for the sulfuric acid plant. The copper smelter, to be integrated into the company’s existing operations, is planned to produce 300,000 tons of copper cathodes and 1.8 million tons of sulfuric acid per year.
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Metso has completed the divestment of its Ferrous business to SMS group, a provider of technologies and services for the metals industry.
The sold businesses include, for example, straight grate pelletizing and the CircoredTM direct reduction process, as well as related service businesses.
Approximately 180 employees working in the Ferrous business, primarily in Germany, India, and China, have transferred to SMS group in connection with the transaction.
The sale of the business was announced on May 30, 2025. The transaction does not have a significant impact on Metso’s results.
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Mining company Montage Gold has selected Metso to provide all conveyors for its Koné gold project in Côte d’Ivoire. The order has been booked in the Minerals segment’s 2025 fourth-quarter orders received. The order value is not disclosed.
“The delivery includes a full range of conveyors, such as apron, belt, and vibrating feeders, which integrate seamlessly with the Metso equipment previously ordered for the project,” said Leif Berndt, Vice President, Conveyor Solutions at Metso. “Conveyors are an essential part of the grinding process, and their key features include a precise interface with the grinding circuit and protection. Our large belt feeders feature the Trellex® EP2500 Feeder Plus design, which ensures excellent strength and long belt life compared to other solutions.”
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