Business news from Ukraine


Ferrexpo Plc (the U.K.), managing Poltava Mining and Yeristovo Mining in Ukraine, has started cooperation with specialists Ricardo Plc (the U.K.), as part of decarbonization plans by 2050. “The Group undertakes a commitment to achieve net zero carbon emissions from its operations by the year 2050,” the company said in a press release on Monday. In addition, the group undertakes an initial commitment to achieve a minimum of a 30% reduction in combined Scope 1 and 2 emissions by 2030.
According to the press release, Ricardo to also help enhance the group’s existing climate change scenario reporting and review the role of Ferrexpo’s iron ore pellets within the circular economy. Results of Ricardo’s analysis expected to enhance the group’s carbon reduction targets and to further develop climate change reporting in 2022.
Jim North, Interim Group Chief Executive Officer, said that whilst iron ore pellets offer our customers the opportunity to significantly reduce carbon emissions already, it is important to signal a clear intention to decarbonise our own operations.
“It is on this basis that we have adopted the targets announced today, to demonstrate both our focus on climate change and our understanding of the importance of decarbonisation,” North said.
He said that Ferrexpo jointly with Ricardo intends to be a workstream that develops science-based reduction targets and a timeline for the stages of decarbonisation in each aspect of the Ferrexpo business.
“In the 18 months to June 2021, the group has already recorded a carbon reduction in excess of 20%2, which is a demonstration of our commitment to the environment,” North said.
Tim Curtis, Energy & Environment Managing Director at Ricardo Plc, said that Ricardo’s experts have been helping organisations around the world to develop robust and science-based pathways to achieving net zero carbon emissions and they will support Ferrexpo with the development of its decarbonisation targets and providing objective expertise to help realise this ambition.
Ricardo Plc is a world-class environmental, engineering and strategic consulting company.
Ferrexpo is an iron ore company with assets in Ukraine.

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The metallurgical industry will play a key role in achieving Ukraine’s carbon neutrality, according to representatives of the largest Ukrainian metallurgical companies speaking during the international forum “Decarbonization of the Steel Industry: a Challenge for Ukraine” taking place in Kyiv.
According to a press release from GMK Center, the ambitious plans of the EU and the United States to achieve carbon neutrality by 2050 are putting pressure on Ukrainian metallurgical companies. To compete successfully on foreign markets, Ukrainian producers also need to have CO2 reduction targets and decarbonization strategies.
“Now Metinvest is developing a detailed roadmap to reduce CO2 emissions. We are very careful in working out each step that will eventually lead our production to carbon neutrality, because such a large-scale transformation should not harm the sustainability of our business. We hope to conclude partnerships today, which will allow us to follow the path of decarbonization,” CEO of Metinvest Group Yuriy Ryzhenkov said during the event.
During the forum, Metinvest signed two memorandums of cooperation for the implementation of joint projects to reduce greenhouse gas emissions. One of them was signed with Primetals Technologies – an international company providing a full range of technologies, products and services for the metallurgical industry, the other – with K1-MET – a leading Austrian research center in metallurgy.
The press release notes that Ukraine actively declares its intention to follow the direction of decarbonization. In January 2020, the country presented the Green Energy Transition Concept, which sets a goal to achieve a carbon neutral economy by 2070.
In April 2021, the government presented the draft of the second Nationally Determined Contribution to the Paris agreement. It assumes that Ukraine by 2030 will reduce CO2 emissions by 65% compared to 1990, in particular industrial enterprises – by 61%.

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Metinvest, an international vertically integrated mining and metallurgical group of companies, will act as the general partner of the international forum “Decarbonization of the Steel Industry: a Challenge for Ukraine,” which will be held in Kyiv on July 14, 2021.
According to the company’s press release, an event on the topic that has been discussed by the entire international community in recent years will be held in Ukraine for the first time.
As noted, for many years of operation, Metinvest has been striving to reduce the negative impact of production on the environment. Over the past 10 years, the group has allocated more than $ 3.4 billion for environmental initiatives and is committed to further reducing its carbon footprint to combat climate change.
Meanwhile, achieving carbon neutrality will be a big challenge for Ukrainian companies, as it involves a complete change in production processes and supply chains. In addition, the necessary technologies that will make the country’s economy carbon-free are only at the research stage. To develop a detailed roadmap for the transition to a “green” industry requires interaction between manufacturers, engineering companies, consumers, suppliers and the government.
Yuriy Ryzhenkov, the director general of Metinvest, stressed that the industry is facing a serious task that will affect the life of the entire country.
“Decarbonization can completely change both production and technologies. The sooner business and the state develop a unified approach to achieving carbon neutrality, the easier this process will be for the Ukrainian economy,” the top manager stated.
The forum is organized by GMK Center, an information-analytical and consulting company working in the field of metallurgy and industry. At the forum it is planned to discuss issues related to decarbonization of steel production, existing and promising technologies, plans of companies to reduce CO2 emissions and interaction with the state in this direction. The event will be attended by the representatives of mining and metallurgical companies, international engineering, consulting and R&D companies, as well as government officials, business associations and industry experts.

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