September 08, 2008

Metalloinvest posts USD 7 billion revenue in 2007

Leading Russian mining and ferrous metals firm Metalloinvest Holding announced that its consolidated revenues calculated to International Financial Reporting Standards topped an estimated USD 7 billion in 2007.

Its steel production in 2007 grew to 6.435 million tonne as compared to 6.288 million tonnes in 2006, roll production to 5.207 million tonnes as compared to 5.189 million tonnes in 2006 and cast iron production to 2.796 million tonnes as compared to 2.494 million tonnes in 2006.

The mining and metallurgical division of Metalloinvest increased ore production to 100.162 million tonnes from 98.288 million tonnes, concentrate production grew to 43.3 million tonnes from 41.1 million tonnes. Its metallurgical division produced 19 million tons of iron pellets, on a par with the previous year, while increasing the iron concentration in the pellets.

In 2008, Metalloinvest is set to increase the output of metal containing products by 70%, roll by 10%, sections by 6%. Coke chemical production is to grow by 5%, cast iron production by 11%. Metalloinvest Holding is planning to increase investments into the development of production by 1.7 times to RU B 27.7 million.

Metalloinvest Holding, owned by Russian billionaire Mr Alisher Usmanov, includes iron ore producers Lebedinsky Mining and Processing Plant and Mikhailovsky Mining and Processing Plant, Urals Steel, Oskol Electrometallurgical Combine, and the Ormeto-Yumz machine-building plant.