SMS group, the world leader in metallurgical technologies, is ready to help improve the operational efficiency and improve the environmental performance of Metinvest. The memorandum also states the intention to discuss promising areas of cooperation with the greatest potential.
It is expected that the memorandum will give both parties the opportunity to develop and test new technologies to improve both the production of iron and steel, and deeper processing. Specific projects that appear as a result of the discussions will be the subject of cooperation agreements and contracts.
General Director of Metinvest Group Yury Ryzhenkov:
- Metinvest is following the path of decarbonizing the metallurgy and mining industry of the future. By working with SMS group, we will be able to make better use of existing technologies that will improve metallurgical processes. In particular, we will focus on solutions to reduce greenhouse gas emissions. We are confident that we will be able to build a common base for action. As an industry, we must find solutions at exactly the time the world needs it.
CEO of SMS group Europe Georges Russell:
- We will be looking at a whole range of technological solutions together. These include Paul Wurth's innovative technologies for sustainable iron production, such as direct iron reduction with our partner MIDREX, CO2 reduced blast furnaces, hydrogen utilization, electrification, digitalization, industrial gas recovery (including capture, use and storage), and energy efficiency and energy reuse.
The Memorandum of Understanding was signed by Yuri Ryzhenkov, CEO of Metinvest Group, and on behalf of SMS group, by George Russell, CEO for Europe, and Marina Keller, Sales Director for Eastern Europe.
About Metinvest Group
Metinvest is a vertically integrated group of mining and metallurgical companies that manages every link in the supply chain - from the extraction and processing of iron ore and coal to the production and sale of semi-finished products and finished metal products. The structure of the Group includes mining and metallurgical enterprises in Ukraine, the EU, the UK and the USA, as well as a sales network covering all key world markets. For the preparation of financial statements, the Group's business is divided into two segments - Metallurgical and Mining. The Group's strategic vision is to become Europe's leading vertically integrated steel producer, delivering sustained growth and profitability and investment returns above industry standards despite cyclical markets. In the first half of 2021, the Group had revenues of USD 8.5 billion and an EBITDA margin of 45%.
About SMS group
SMS group is renowned worldwide for its future-oriented technology and high quality service for the steel industry. With 150 years of experience and digital know-how, the company continually brings innovative products and processes to the industry - even outside of its core business, generating more than € 2.7 billion in worldwide sales. SMS is a trusted partner for complex projects, supporting customers throughout the lifecycle of their equipment to ensure profitable and resource efficient value chains. The company's goal is to create an environmentally neutral and sustainable metallurgical industry. As a global player with German roots, SMS is responsible for its almost 14,000 employees.