The Rustavi Metallurgical Plant ("Rustavi Steel"), owned by businessman Irakli Rukhadze's Hunnewell Partners, has sold its rebar production line to the metallurgical company PM Metal. This development is revealed through public registry extracts and disclosures published on the website of the Georgian Competition and Consumer Agency.
According to the registry, Rustavi Steel established the subsidiary "Iberia Rebar" in December 2025 and transferred its rebar production assets to it. On July 30, 2026, PM Metal—owned by businessman Giorgi Mirianashvili—became the full owner of Iberia Rebar. The sales agreement includes official consent for the transaction from Rustavi Steel's creditor banks.
Igor Korytko, the former General Director of Rustavi Steel, revealed plans to sell the rebar segment in an exclusive interview with BMG in January 2026. He noted that intense domestic competition, compounded by high import volumes, prompted the company to pivot its strategy toward seamless pipe production.
Additionally, in April 2026, Irakli Rukhadze addressed BMG's questions regarding the potential sale of both Rustavi Steel and Georgian Cement.
Financial Performance Overview
Rustavi Steel (2024): Total revenues reached 285 million GEL, driven primarily by rebar sales (200 million GEL), followed by seamless pipes (74 million GEL) and other segments (~10 million GEL). The company reported a net loss of 27.8 million GEL in 2024, following a 50.3 million GEL net loss in 2023.
PM Metal (2024): Founded in 2019 and owned by Giorgi Mirianashvili, the company operates mainly in rebar imports and domestic distribution. In 2024, PM Metal generated 253 million GEL in revenue and posted a net profit of 10.8 million GEL.
