Mariupol steel is again being sold in China
Quick recovery of business activity in China had a positive impact not only on the mining segment of the Dutch mining and metallurgical holding company with assets in Ukraine Metinvest B.V. (Metinvest), but also allowed to resume the supply of steel to the Chinese market. This was stated by General Director of Metinvest group Yuriy Ryzhenkov during a virtual press tour at the Mariupol metallurgical plant them. Lenin, reports Ministry of industry.
"China is not our typical client, in terms of shipments, but it is our long-term market for the supply of iron ore, and it remains one of the biggest markets for the supply of iron ore", - he reminded. "Rapid recovery of business activity in China has a positive effect primarily on our mining segment. But due to the affected markets in Europe, Ukraine and Russia, even China was for our metallurgy market where we can work, what the company did on a large scale already for a long time," - said a top Manager of Metinvest.
Ryzhenkov noted that the slowdown of business and construction activity in the EU, Ukraine and Russia greatly reduced the ability of the company for the implementation of high added value products. At the same time, the rapid recovery of China after the pandemic has allowed Metinvest to switch to the production of semi-finished and iron, which are now in large volumes delivered to China.
"If we talk about the past few months, after the April failure, when we had to reduce production due to the stop of our Italian plants, we have returned to planned production levels and are now working almost full complement of equipment," - said Yuri Ryzhenkov. "But the focus of the portfolio shifted from high value added products such as cold rolled, heavy plates in the direction of semi-finished and hot-rolled coil".
Earlier today coalsalesthat the international rating Agency Moody's raised the corporate rating of Metinvest B. V. from level B3 to B2, forecast "stable". The Agency noted the decrease of corporate governance risks due to the fact that Metinvest demonstrates a good level of disclosure, including regularly publishes consolidated financial statements and quarterly operating results.