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Zaporozhye Titanium and Magnesium Combine Demonstrated First Results of Financial Recovery Program

Ukraine

The plant has paid off wage arrears, restored rhythmic production and sales of products.

Zaporozhye Titanium and Magnesium Combine Demonstrated First Results of Financial Recovery Program

Zaporozhye Titanium and Magnesium Plant LLC, whose state share is managed by the State Property Fund of Ukraine, has been operating since December 2020 without delays in the payment of wages. At the same time, at the end of January 2021, ZTMK LLC switched to purchasing electricity from NNEGC Energoatom at the Ukrainian energy exchange, which is a factor in reducing the cost of production at the plant and part of a financial recovery plan.

Full settlement of salary debts and contracts concluded with NAEK Energoatom are part of the financial recovery program of ZTMK LLC, developed by the new management of the enterprise, told in the press service of the State Property Fund of Ukraine.

The restoration of the production potential of ZTMK LLC, the impossibility of returning the plant to the practice of non-payment by the enterprise of the state sector of the economy for electricity are the priorities of the policy of the State Property Fund in the field of corporate governance. In accordance with the program of financial rehabilitation and modernization of LLC ZTMK, it is envisaged to commission new equipment in the second and third quarters of 2021, which will increase production volumes and reach the break-even level.

“ZTMK gradually began to emerge from the crisis. The plant paid off its wage arrears, restored rhythmic production and sales of products, which makes it possible to pay wages on time and in full. Full implementation of the ZTMK financial recovery program will allow the plant to become one of the drivers of economic growth in the Zaporizhzhya region, "the press service of the State Property Fund of Ukraine noted.

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