Metinvest reduces finished products output by 26% to 1.7 million tons in 9M, 2023
In the first nine months of 2023, the Metinvest group reduced the production of finished products by 26%, or 622,000 tons, year over year, to 1.728 million tons.
This follows from a statement by Metinvest, the Ukrainian News agency reports.
In particular, the production of flat-rolled products decreased by 666,000 tons to 847,000 tons due to the shutdown of the Mariupol mills at the end of February 2022, which was partially offset by an increase in the production of hot-rolled thick sheets at rolling mills in Italy and the United Kingdom against the background of the establishment of supplies of slabs from third parties.
The production of long-rolled products increased by 72,000 to 881,000 tons, thanks to the stabilization of billet production at Kametstal and the normalization of deliveries to Promet Steel in Bulgaria.
There was no production of rail and pipe products, as the products were manufactured at the Mariupol plants.
In the third quarter of 2023, the production of finished products decreased by 3% quarter over quarter to 583,000 tons.
In the first nine months of 2023, the production of iron and steel groups amounted to 1,344,000 tons and 1,531,000 tons, respectively, down 46% and 43% year over year. At that, the shutdown of the Mariupol plants at the end of February 2022 was partially offset by production volumes at Kametstal.
In the third quarter of 2023, pig iron production decreased by 10% compared to the previous quarter to 425,000 tons, mainly due to the shutdown for the planned overhaul of blast furnace No. 1 at Kametstal.
As a result, steel production decreased by 8% to 499,000 tons.
In the first nine months of 2023, the production of total iron ore concentrate decreased by 23% compared to the same period of the previous year to 7,513,000 tons due to the start of full-scale military operations in the territory of Ukraine at the end of February 2022.
As a result, the volume of commercial iron ore products decreased by 12% to 6,220,000 tons due to a decrease in commercial concentrate production by 49% (to 2,231,000 tons).
The increase in the production of commercial pellets by 48% to 3,989,000 tons was due to the reorientation of the order portfolio.
In the 3rd quarter of 2023, the production of total iron ore concentrate increased by 13% against the previous quarter to 2,766,000 tons due to an increase in production at all three GOKs.
The production of commercial iron ore products increased by 3% to 2,180,000 tons, while due to the change in the portfolio of orders in favor of pellets, their production increased by 7% to 1,434,000 tons, while the production of commercial concentrate decreased by 5% to 746,000 tons.
For 9 months of 2023, the group's coal concentrate production increased by 17% against the same period in 2022 to 4,318,000 tons mainly due to an increase in production at the Pokrovsk coal group (by 33% to 2,426,000 tons), as well as an improvement in the quality characteristics of Ukrainian coking coal.
In the 3rd quarter of 2023, the production of coal concentrate of the group decreased by 19% compared to the previous quarter to 1,275,000 tons.
The main factor in this was a decrease in production at 36% of mines of the United Coal Company (the U.S.) to 443,000 tons due to the cessation of production at Carter Roag mines and a decrease in production at some Wellmore mines.
As the Ukrainian News Agency earlier reported, Metinvest reported a loss of USD 2.193 billion for 2022 compared to a net profit of USD 4.765 billion in 2021.
In 2022, the group's revenue decreased 2.2 times, or by USD 9.7 billion, to USD 8.288 billion.
In 2022, the Metinvest group reduced the production of finished products 2.6 times, or by 4.456 million tons year over year, to 2.777 million tons.
The principal shareholders of the Metinvest group are SCM (71.24%) and the Smart-Holding group (23.76%), which participate in the management of Metinvest on a partnership basis.
100% of SCM shares belong to businessman Rinat Akhmetov.