Business news from Ukraine

Yaroslavsky’s DMZ cut profits by 99.8% in 2022

8 January , 2024  

Dnipro Metallurgical Plant (DMZ, formerly Evraz-DMZ), a part of DCH Steel of businessman Aleksandr Yaroslavsky’s DCH Group, posted a net profit of UAH 4.225 million in 2022, compared to UAH 1 billion 725.157 million in 2021.

According to the minutes of the annual general meeting of shareholders held on December 22, 2023, which was held remotely, the shareholders decided to use the profit made in 2022 to repay the losses of previous years and not to make any contributions to the reserve capital.

The outstanding loss at the end of 2022 amounted to UAH 454.601 million.

The shareholders planned to consider personnel issues regarding the termination of powers of the members of the Supervisory Board and the Audit Committee, election of a new Supervisory Board, but the meeting did not vote for the resignation of the members of the Supervisory Board and the Audit Committee – 100% of shareholders were against it. Therefore, no votes were counted on the issues of amendments to the company’s charter and internal documents (taking into account the liquidation of the revision commission as a controlling body).

As reported, in 2021, DMZ received a net profit of UAH 1 billion 725.157 million, while it ended 2020 with a net loss of UAH 394.091 million.

DMZ specializes in the production of steel, cast iron, rolled products and products made from them.

On March 1, 2018, DCH Group signed an agreement to buy Dnipro Metallurgical Plant from Evraz.

According to the third quarter of 2023, Drampisco Limited (Cyprus) owns 97.7346% of DMZ shares.

The authorized capital of the company is UAH 574.994 million, with a par value of UAH 0.25 per share.