Economy 2024-02-15T05:04:07+02:00
Ukrainian news
Metinvest Operates At Level Of 30-50% Of Pre-War Capacities

Metinvest Operates At Level Of 30-50% Of Pre-War Capacities

Russia, war, Ukraine, Metinvest, Metinvest Group, Azovstal, war with Russia, steel production, damaged infrastructure, Illich Iron and Steel Works

The Metinvest group operates at the level from 30% to 50% of pre-war capacities.

This is stated in the message of the group, Ukrainian News Agency reports.

"Currently, we are operating at the level of 30% to half of the pre-war capacities. But even this is difficult to achieve due to logistics, since the Black Sea ports are not available for Ukraine to export iron ore, steel and coal. We are forced to deliver goods by land routes, and their capacities, unfortunately, either insufficient for significant volumes of supply, or very expensive for some of the goods we supply," Metinvest director general Yurii Ryzhenkov said in an interview with The Economist.

He noted that the Mariupol Illich Iron and Steel Works and Azovstal in Mariupol (Donetsk Region) were badly damaged and are not working now.

"Most of the plants under our control were not affected, so the restoration of their production will take several months: within six months to a year we will be able to return to the pre-war level of production. But if we talk about the plants located in the occupied territory in Mariupol, such as Azovstal and Illich Iron and Steel Works, we have to see what damage they suffered during the bombings. I suspect that the damage there was significant and it will take us some time before we can resume pre-war production," Ryzhenkov said.

As Ukrainian News Agency earlier reported, 16 enterprises of the Metinvest group have filed a lawsuit with the European Court of Human Rights against Russia regarding compensation for damage caused to the property of the group in Mariupol and other territories of Ukraine from February 24, 2022.

Earlier, businessman Rinat Akhmetov filed a lawsuit with the European Court of Human Rights against Russia for damages for gross violations of his property rights during the unprovoked military aggression of the Russian Federation against Ukraine.

The main 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, Smart-Holding is controlled by Vadym Novinsky.