Metinvest reduced steel production, but increased mining and processing of iron ore raw materials
Mining and metallurgical group Metinvest in 2023 reduced steel production by 31% compared to 2022 - to 2.025 million tons, parent company Metinvest B.V. reported in a press release on Friday. based on the results of the fourth quarter and in total for 2023.
During the year, the group’s production of pig iron decreased by 36% - to 1.765 million tons, coke - by 25%, to 1.241 million tons, including commercial coke increased by 6% - up to 859 thousand tons.
In addition, Metinvest, based on the results of work in 2023, increased the total production of iron ore concentrate (IOC) by 4% compared to 2022 - up to 11.092 million tons, pellets - by 66%, to 5.2 million tons, production of coking coal concentrate increased by 10%, to 5.455 million tons.
According to a press release from the parent company Metinvest B.V. on the results of operating activities for the fourth quarter and for 2023 as a whole, from August 2023, a sea corridor began to operate for merchant ships traveling along the Black Sea from or to Ukraine, which, in particular, contributed to the restoration of the export route for sea transportation of mining and metallurgical products .
This allowed the group to begin gradually increasing the capacity utilization of its mining and processing plants. In particular, production at the Ingulets and Northern mining and processing plants was increased, as well as the use of third-party ore for the production of concentrate at the Central mining and processing plant was increased.
The stoppage of production at the Mariupol plants from the end of February 2022 was partially offset by increased production volumes at "Kametstal", including due to the stabilization of the situation with electricity supplies from January 2023.
As reported, Metinvest at the end of 2022 reduced steel production by 69% compared to 2021 - to 2,918 million tons, cast iron - by 72%, to 2.743 million tons, coke - by 64%, to 1.653 million tons, in particular commercial coke - by 49%, to 811 thousand tons. In addition, in 2022, Metinvest reduced the production of total iron ore concentrate by 66% compared to the previous year - to 10.712 million tons, commercial iron ore products by 55% - to 7.903 million tons, including volumes of commercial concentrate - by 60%, to 4.718 million tons, and the volume of commercial pellets increased by 45%, to 3.185 million tons.
Today, the Metinvest group consists of mining and metallurgical enterprises located in Ukraine, Europe and the USA. Its main shareholders are the SCM group (71.24%) of Rinat Akhmetov and Smart-Holding (23.76%) of Vadim Novinsky, who jointly manage the group.