Metinvest B.V. (the Netherlands), the parent company of the Metinvest mining and metallurgical group, in January-March this year reduced capital investments by 1% compared to the same period last year, to $ 147 million from $ 148 million.
The unaudited consolidated financial results for the first quarter of 2021 show that strategic investment declined 37% year-on-year as a result of the ongoing revision of the technology strategy and the completion of some key projects in 2020, while maintenance project investment increased by 32%, which brought its share in total capital investments to 30% and 70%, respectively (47% and 53% in the first quarter of 2020).
At the same time, Metinvest continued to implement the following key strategic projects: the construction of a cyclical flow technology at Pivnichny and Inhulets GOKs (completion of work at both GOKs is expected by the end of 2021), the construction of an air separation unit at Illich Steel Plant (detailed engineering documentation has been completed). Metinvest has also launched a project for thickening waste enrichment at Pivnichny GOK to reduce waste transportation costs and the cost of servicing pumping equipment at slurry pumping stations. The group continued the construction of new block No. 11 at the mine of the recently consolidated Pokrovske mine directorate to maintain production volumes.
“Despite the completion of the main work within the largest environmental project in the history of Ukraine – the reconstruction of the sinter plant at Illich Steel Mill, environmental issues remain a priority for the group,” the report emphasizes.
Thus, other environmental projects in the first quarter of 2021 included the reconstruction of the gas cleaning facilities of the foundry and the bunker rack of blast furnaces No. 4 and No. 5 at Illich Steel Mill, the reconstruction of the gas cleaning system of oxygen converters at Azovstal and the replacement of the gas cleaning equipment of the Lurgi 552-A roasting furnace at Pivnichny GOK.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. The group’s enterprises are located mainly in Donetsk, Luhansk, Zaporizhia and Dnipropetrovsk regions.
The main shareholders of the holding are the SCM Group (71.24%) and Smart-Holding (23.76%), which jointly manage it.
Metinvest Holding LLC is the management company of Metinvest Group.
CAPITAL INVESTMENTS, METINVEST
