Despite Shelling & Power Shortages Metinvest Continues Production

Ukrainian steelmaker Metinvest continues producing metal products at its enterprises, to extracting iron ore under constant threat of enemy shelling and amid power shortages. CEO Mr Yuriy Ryzhenkov said “Our entities are continuing to make products for the defence and restoration of the country's infrastructure, as well as preserve jobs and pay taxes.” According to him, Metinvest's enterprises in Ukraine are working in the conditions of war, but their work is also complicated by rising production costs, falling prices for certain types of products, and logistical constraints given the blockade of seaborne exports. However, even in such difficult circumstances, the group's entities continue to operate, at different capacity utilisation levels subject to safety, logistics and economic factors. Metinvest's enterprises in Ukraine operate under the constant threat of enemy shelling and in the face of electricity shortages. Also, the work is complicated by the growth of production costs, falling prices for certain types of products and logistical restrictions due to the blocking of sea exports. However, even under such difficult circumstances, the Group's enterprises continue to operate with different levels of occupancy, taking into account security, logistics and economic factors. In particular, the situation on some of the Group's operating assets is as follows: Kametstal and the joint venture of Zaporizhstal Group continue to produce products. In particular, in December, Kametstal resumed production of iron, steel and rolled products after the suspension of production caused by Russia's attacks on Ukraine's energy infrastructure at the end of November 2022. At the enterprises of the Pokrovsk coal group, the construction of the 11th coal mining unit continues. Central GOK continues to produce pellets. In general, the focus of the Group's enterprises is aimed at being able to quickly resume work or increase the level of production under conditions of favorable conditions.

Despite Shelling & Power Shortages Metinvest Continues Production

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