Metinvest Group has appointed Ihor Toniev, who previously headed the Metinvest-SMC sales company, as the Director General of the Central, Inhulets and Northern Mining and Processing Plants (all - Kryvyi Rih, Dnipropetrovsk Region).
This is stated in the message of the group, Ukrainian News Agency reports.
"Metinvest is introducing a new model of work of Kryvyi Rih mining enterprises. From April 2024, the Central, Inhulets and Northern Mining and Processing Plants will be managed by a single administrative and management center. To do this, a mining department was created in the structure of the group's operating directorate. Ihor Toniev, who was also appointed to the post of a single director general of three Mining and Processing Plants, headed the department," the report said.
According to the report, the mills will now have a single administrative team and functional managers.
"The introduction of a new management model of the Mining and Processing Plants will contribute to the creation of effective end-to-end processes in all areas. In particular, the processes of ore enrichment and iron ore concentrate production will be combined into a common technological chain for all mills. The efficiency of managing reserves and stocks of Metinvest Mining and Processing Plants will also increase. Due to low workload, the mills have excess capacity and equipment that will be distributed among the company's production sites in Kryvyi Rih. In addition, the creation of a single management center will allow optimizing the same business processes of enterprises and centralize some service functions. This will significantly reduce administrative costs, which, in turn, will increase the economic sustainability of the Mining and Processing Plants," the report said.
All enterprise transitions are expected to be completed within months.
As Ukrainian News Agency earlier reported, in 2023, compared to 2022, Metinvest Group reduced the loss by 11.3 times, or by USD 2 billion, to USD 194 million.
In 2023, compared to 2022, the group reduced the production of finished products by 18%, or 0.486 million tons, to 2.291 million tons.
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.
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