Metinvest Mining and Metallurgical Group, as one of the major shareholders of Zaporizhstal Iron and Steel Works, has initiated an extraordinary shareholders’ meeting to change the company’s type from PJSC to PrJSC, approve the 2015-2022 reports, distribute profits and make decisions on other important issues.
According to the company’s official announcement in the information disclosure system of the National Securities and Stock Market Commission, the extraordinary general meeting of Zaporizhstal shareholders to be held remotely is scheduled for January 29, 2024.
The agenda includes 18 items, including the approval of the appointment of KPMG Audit as the auditor for 2020-2022, approval of the company’s annual reports and balance sheets for the period from 2015 to 2022,
The meeting will also consider the distribution of profits or approval of the procedure for covering losses based on the results of operations in 2015-2022. At the same time, it is proposed to leave the net profit of UAH 1 billion 804 million 967,874 thousand received by the company based on the results of 2015, profit for 2016 in the amount of UAH 4 billion 690 million 82,987 thousand, profit for 2017 in the amount of UAH 3 billion 348 million 548,937 thousand, profit for 2018 in the amount of UAH 4 billion 719 million 208,550 thousand and profit for 2021 in the amount of UAH 16 billion 809 million 158,412 thousand undistributed.
The loss of UAH 4 billion 332 million 801,906 thousand in 2019, as well as the loss for 2020 in the amount of UAH 3 billion 678 million 76,402 thousand and the loss for 2022 in the amount of UAH 4 billion 864 million 684,828 thousand shall be covered by deferred income.
The shareholders will also approve the approval of major transactions, approve Premium Standard Appraisal LLC as a valuation entity to value the company’s property and the market value of the company’s shares, and approve the CEO’s order to approve the market value of 1 ordinary registered share of the company determined by appraisers as of the last business day preceding the day of posting the notice of the general meeting of shareholders at which the decision was made that became the basis for the mandatory share buyback.
The meeting also intends to approve a two-tier management structure, eliminating the audit committee as a controlling body. The shareholders will renew the composition of the supervisory board, which is proposed to elect Yuriy Ryzhenkov, Yulia Dankova, Svitlana Romanova and Oleksandr Myronenko as representatives of the shareholder Metinvest B.V. (Netherlands), and Ruslan Bogdanov and Pavlo Osiyuk as independent directors.
The shareholders also plan to change the company’s type from PJSC to PrJSC, adopt a new version of the charter, and confirm the powers of CEO Roman Slobodianiuk in changing the company’s type.
After registration of the amendments to the revised charter with the change of the company’s type, the powers of the supervisory board members will be terminated and it is proposed to introduce Ryzhenkov, Dankova, Romanova as representatives of the shareholder Metinvest B.V. and Bogdanov and Osiyuk as independent directors.
“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are widely known and in demand in the domestic market and in many countries around the world.
According to the NDU data for the third quarter of 2023, Kyiv Securities Group LLC owns 24.5003% of Zaporizhstal shares, Midland Capital Management LLC (both Kyiv, registered at the same address) owns 11.2224%, Global Steel Investments Limited (UK) owns 12.3466%, and Metinvest B.V. (Netherlands) owns 47.0032%.
Earlier it was reported that Metinvest Group’s effective shareholding in Zaporizhstal remains at 49.9%.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding Group (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
In January-November of this year, Zaporizhstal Iron and Steel Works increased its rolled steel output by 47.9% year-on-year to 1 million 847.9 thousand tons.
According to the company’s information on Friday, steel production during this period increased by 57.6% to 2 million 238.3 thousand tons, and pig iron production by 31.3% to 2 million 453.2 thousand tons.
In November 2023, Zaporizhstal produced 262.7 thousand tons of iron, 240.8 thousand tons of steel, and shipped 195.6 thousand tons of rolled products, compared to 267.3 thousand tons of iron, 251.7 thousand tons of steel, and 208.6 thousand tons of rolled products in the previous month, and 143.9 thousand tons of iron, 85.8 thousand tons of steel, and 74.8 thousand tons of rolled products in November 2022.
“The increase in production in November 2023 compared to the same period last year is due to the removal of blast furnace No. 2 from hot mothballing and the establishment of three blast furnaces,” the press release explains.
As a reminder, due to the escalation of hostilities in the region, Metinvest Group put some of Zaporizhstal’s equipment into hot mothballing mode in early March 2022. At the end of March of the same year, the plant partially resumed the operation of its cold rolling mill to produce and ship cold-rolled coils to European customers. A month after the forced shutdown, the plant brought its equipment out of mothballing and partially resumed production. The plant is currently operating at an average of 70% of its capacity.
As reported, in 2022, Zaporizhstal reduced its rolled steel output by 60.4% compared to 2021, to 1 million 304.3 thousand tons, steel by 61.7%, to 1 million 491.3 thousand tons, and pig iron by 54.3%, to 2 million 9.9 thousand tons.
“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are in great demand among consumers both in the domestic market and in many countries around the world. The plant specializes in high-quality steel hot-rolled coils, hot-rolled sheets, cold-rolled sheets, cold-rolled coils made of carbon and low-alloy steels, as well as steel strips, ferrous tin, and bent sections.
The main consumers of the products are producers of welded pipes, automotive, transport and agricultural machinery companies, and manufacturers of household appliances.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding Group (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
In January-October this year, Zaporizhzhia Iron and Steel Works “Zaporizhstal” increased its rolled steel output by 40.6% year-on-year to 1 million 652.5 thousand tons.
According to the company’s information on Thursday, steel production during this period increased by 49.7% to 1 million 997.5 thousand tons, and pig iron production by 27.1% to 2 million 190.3 thousand tons.
In October 2023, Zaporizhstal produced 267.3 thousand tons of iron, 251.7 thousand tons of steel, and shipped 208.6 thousand tons of rolled products, while in the previous month it produced 257.9 thousand tons of iron, 239.7 thousand tons of steel, and shipped 200.4 thousand tons of rolled products, and in October 2022 – 157 thousand tons of iron, 121.7 thousand tons of steel, and 101.8 thousand tons of rolled products.
“The increase in production in October 2023 compared to the same period last year is due to the removal of blast furnace No. 2 from hot mothballing and the establishment of three blast furnaces,” the press release explains.
As a reminder, due to the escalation of hostilities in the region, Metinvest Group put some of Zaporizhstal’s equipment into hot mothballing mode in early March 2022. At the end of March of the same year, the plant partially resumed the operation of its cold rolling mill to produce and ship cold-rolled coils to European customers. A month after the forced shutdown, the plant brought its equipment out of mothballing and partially resumed production. The plant is currently operating at an average of 70% of its capacity.
As reported, in 2022, Zaporizhstal reduced its rolled steel output by 60.4% compared to 2021, to 1 million 304.3 thousand tons, steel by 61.7%, to 1 million 491.3 thousand tons, and pig iron by 54.3%, to 2 million 9.9 thousand tons.
“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are in great demand among consumers both in the domestic market and in many countries around the world. The plant specializes in high-quality steel hot-rolled coils, hot-rolled sheets, cold-rolled sheets, cold-rolled coils made of carbon and low-alloy steels, as well as steel strips, ferrous tin, and bent sections.
The main consumers of the products are producers of welded pipes, automotive, transport and agricultural machinery companies, and manufacturers of household appliances.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding Group (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
In January-August of the current year Zaporizhzhstal Iron and Steel Works increased the shipment of rolled products by 26.1% compared to the same period last year – up to 1 million 240.4 thousand tons.
According to the company’s information on Monday, steelmaking for this period increased by 35.5% to 1 million 499.4 thousand tons, pig iron – by 17.5% to 1 million 665.7 thousand tons.
In August 2023, Zaporizhstal produced 257.9 thousand tons of pig iron, 239.7 thousand tons of steel, shipped 200.4 thousand tons of rolled products, while in the previous month – 262 thousand tons of pig iron, 240.7 thousand tons of steel, shipped 196.1 thousand tons of rolled products.
“The increase in the production level in August 2023 compared to the same period last year is due to the withdrawal of blast furnace No. 2 from the hot conservation mode and debugging of the operation mode of three blast furnaces,” the press release explains.
It is reminded that due to the aggravation of military operations in the region since the beginning of March 2022 Metinvest Group transferred part of Zaporizhstal equipment to the hot conservation mode. At the end of March of the same year, the mill partially resumed operation of the cold rolling shop for production and shipment of cold-rolled coils to European consumers. A month after the forced shutdown, the mill brought the equipment out of mothballing and partially resumed production. Since April 2022, the mill has been operating at an average of 50% capacity.
As reported, “Zaporizhstal” in 2022 reduced the output of rolled products by 60.4% compared to 2021 – to 1 million 304.3 thousand tons, steel by 61.7% – to 1 million 491.3 thousand tons, pig iron – by 54.3%, to 2 million 9.9 thousand tons.
“Zaporizhstal” is one of the largest industrial enterprises of Ukraine, whose products are widely demanded by consumers both in the domestic market and in many countries of the world. The specialization of the plant is high quality steel g/k coil, g/k sheet, cold rolled sheet, x/k coil from carbon and low-alloy steels, as well as steel strip, black tin plate, bent profile.
The main consumers of the products are welded pipe manufacturers, automobile, transport and agricultural machine building enterprises, manufacturers of household appliances.
“Zaporizhstal is in the process of integration into Metinvest Group, the main shareholders of which are System Capital Management PJSC (71.24%) and Smart Holding Group of Companies (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
Zaporizhstal steelmaker Zaporizhstal in January-June this year increased shipment of rolled steel by 1.8% compared to the same period of the last year – up to 844.2 thousand tons.
According to the company, smelting steel during this period rose by 10.5% to 1 million 18.9 thousand tons, and iron – by 1.1%, to 1 million 145.8 thousand tons.
In June 2023, Zaporizhstal produced 131.9 thousand tons of cast iron (in June 2022 – 72.8 thousand tons), 159.4 thousand tons of steel (69.6 thousand tons), shipped 199.1 thousand tons of rolled steel (146.9 thousand tons).
“The increase in production levels in June 2023 compared to the same period last year was due to the withdrawal of blast furnace No. 2 from hot preservation mode and the adjustment of the operating mode of three blast furnaces,” the press release explains.
At the same time, production went down in May. Thus, in the previous month was produced 229.6 thousand tons of iron, 213.3 thousand tons of steel, but the shipment of steel was lower – 180.5 thousand tons.
It’s worth mentioning that due to intensified military operations in the region, since the beginning of March 2022 Metinvest Group has put some of Zaporizhstal’s equipment into hot standby. At the end of March of the same year the plant partially resumed cold-rolling shop operation for production and shipment of cold-rolled coils to European consumers. A month after the forced shutdown the mill put the equipment out of conservation and partially resumed production. Since April 2022 the mill has been working at an average of 50% capacity.
As it was reported, in 2022 “Zaporizhstal” decreased the output of rolled steel by 60.4% compared to 2021 – down to 1 million 304.3 thousand tons, steel – by 61.7% to 1 million 491.3 thousand tons, iron – by 54.3%, to 2 million 9.9 thousand tons.
“Zaporizhstal” is one of the biggest industrial enterprises in Ukraine, which products are in great demand among the consumers on the internal market and in many countries of the world. The plant specializes in high-quality carbon and low-alloy steel coils, hot-rolled plates, cold-rolled sheets, cold-rolled coils, as well as steel straps, tin plates, formed sections.
Main consumers are producers of welded pipes, enterprises of automotive, transport, agricultural engineering, producers of household appliances.
“Zaporizhstal is currently in the process of integration into Metinvest Group the main shareholders of which are CJSC “System Capital Management” (71.24%) and Smart Holding group of companies (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
Zaporizhstal Iron and Steel Works and Metinvest Group have handed over two modern DJI Mavic 3 reconnaissance drones to the Ukrainian Armed Forces as part of the Rinat Akhmetov Steel Front military initiative.
According to the company’s statement on Friday, the delivery took place this week.
“Ukrainian defenders use drones for reconnaissance, correction or strike. However, their first and most important mission is to contribute to saving the lives of the personnel of the Ukrainian Armed Forces. That’s why we can never have too many copters, and we systematically transfer these “birds” to our defenders. Today, two more Mavic drones from Zaporizhstal and Metinvest are on their way to the National Guard,” Yevgeny Avdzhi, Zaporizhstal’s procurement director, commented on the situation, as quoted by the press service.
It is specified that the DJI Mavic 3 is the most needed and popular model of drones in the Armed Forces of Ukraine, which helps to detect and destroy the enemy on the front line. The copter is used for reconnaissance and fire control. The competitive advantage of this model is its excellent optics and navigation. Two new Mavic drones have already been delivered to the Donetsk sector, where a Zaporizhstal employee with the call sign “Thunder” serves in the Armed Forces.
“Zaporizhstal and Metinvest always support their employees. And even now, when we are at the front line, the company does not stand aside, the soldier noted.
“Today we received two reconnaissance drones. These drones are our eyes at the front. They help us to detect the accumulation of military equipment and enemy manpower and then, if necessary, adjust our fire. This drone is operated remotely from a control panel. The pilot sees in real time where, what is located and what is happening, and then a decision is made to evacuate or fire,” explained Hrom.
“The Steel Front is an initiative that brings together all the military assistance provided by Rinat Akhmetov’s SCM businesses to the Ukrainian Armed Forces, medical workers and critical infrastructure. From the first day of the full-scale war in Ukraine, Rinat Akhmetov’s businesses (Metinvest, DTEK, FUIB, Ukrtelecom and others) and FC Shakhtar started helping the defenders of Ukraine by buying and delivering protective equipment, first aid kits, vehicles, fuel and more. As part of the military initiative, the soldiers also receive modern copters on a regular basis, which, as the military say, become their eyes on the front line. As part of the Rinat Akhmetov’s Steel Front military initiative, Metinvest Group has supplied more than 1,200 modern copters to Ukrainian defenders.
“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are in great demand among consumers both in the domestic market and in many countries around the world. The plant specializes in high-quality steel hot-rolled coils, hot-rolled sheets, cold-rolled sheets, cold-rolled coils made of carbon and low-alloy steels, as well as steel strips, ferrous tin, and bent sections.
The main consumers of the products are producers of welded pipes, automotive, transport and agricultural machinery companies, and manufacturers of household appliances.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management (71.24%) and Smart Holding Group (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
