Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and metallurgical group, in January-June 2020 reduced capital investments by 35% compared to the same period in 2019, to $ 313 million.
According to preliminary unaudited interim financial results for the first half of 2020, the capex reduction was planned during this period.
“In line with the group’s 2020 capex priorities for critical asset maintenance and the completion of ongoing strategic investment projects, investments in maintenance and repairs decreased by 33%, while investments in strategic projects were reduced by 38%, which brought their share in capital investments to 65% and 35%, respectively (63% and 37% in the first half of 2019),” the report states.
At the same time, it is clarified that the metallurgical segment accounted for 47% of capital investments (50% in the first half of 2019), and the mining segment for 49% (46% in the same comparison).
