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12M & Q4 2020 Operating Results

Press Releases

Metalloinvest (the "Company"), a leading global iron ore and hot briquetted iron (HBI) manufacturer and supplier, one of the regional high-quality steel producers, announces its operating results for 12 months and 4Q2020.

Management comments

Nazim Efendiev, CEO of Metalloinvest Management Company, commented:

“Despite the challenges of 2020, we have kept the production program at a high level. Iron ore, our basic product, was produced at 40.4 million tonnes, up 0.5% from last year. Steel production increased to almost 5 million tonnes as a result of the completion in 2019 of the reconstruction and hot testing of electric furnaces using FMF technology at Ural Steel. The share of products with high added value in the total volume of iron ore shipment remained at the level of 72%. The milestone events of 2020 were the launch at the Mikhailovsky GOK named after I. A.V. Varichev of the unique crushing and conveyor complex and the beginning of the production of premium pellets for metallization. Thus, the Company continues to pursue a strategy to improve product quality and ensure sustainable sales. "

Iron ore products


  • Iron ore production in 2020 amounted to 40.4 million tons, which is 0.5% higher than in 2019. The total volume of production increased, including due to an increase in the productivity of equipment due to a change in the quality characteristics of mined ore. In 4Q 2020, iron ore production slightly decreased by 1.0% QoQ to 10.1 million tonnes. The decrease in volumes is due to equipment repairs
  • Due to the reconstruction of OM-3 at MGOK, which took place in 3Q 2020, the production of pellets in 12M 2020 decreased by 1.8% YoY to 27.6 million tons. At the same time, in 4Q 2020, pellet production increased by 3.1% qoq
  • In 12M 2020, the Company produced 7.8 million tonnes of HBI /DRI, which is 0.9% less than last year. The decrease is due to the modernization of UM # 1 and overhaul of TsGBZh-1.3 in 3Q 2020. Due to the completion of work at UM # 1, in Q4 2020 HBI /DRI production increased by 23.2% q /q


  • At the end of 2020, the volume of sales of iron ore products to external consumers increased by 6.5% yoy and amounted to 28.7 million tons. The main growth driver was an increase in the supply of pellets to Europe
  • The share of products with high added value (pellets and HBI /DRI) at the end of 2020 amounted to 72.0% in the total volume of supplies of the Company's iron ore products
  • The share of supplies of iron ore products to the domestic market slightly decreased to 48.8%, against 52.5% at the end of 2019
  • The total volume of export supplies in 12M 2020 increased by 15.6% YoY in due to an increase in shipments to Europe by 43.8% and Bl. East and North. Africa by 16.7%
  • In 4Q 2020, taking into account the recovery in demand in traditional and nearby sales markets, mainly in Western Europe, the Company reduced the volume of supplies to Asia by 55.9% compared to 3Q 2020

Metallurgical products


  • Pig iron production decreased in 2020 by 16.3% and amounted to 2.3 million tons. The main reason was the decrease in the productivity of BF-3 at Ural Steel, caused by preparatory work in 4Q 2020 for the upcoming reconstruction
  • At the end of 2020, steel production increased by 2.0% YoY and amounted to about 5, 0 mln tonnes mainly due to the reconstruction of electric furnaces carried out in 2019 using FMF technology at Ural Steel, as well as optimization of repair times at OEMK and recovery of demand for rolling mill 2800


  • Pig iron supplies to external consumers in 2020 decreased to 1.2 million tons compared to 1.7 million tons in 2019 amid a decrease in production
  • The share of the Russian market in the total supply of products amounted to 32.1%, 1.5% more than in 2019
  • In October 2020, OEMK launched a ball mill. In 4Q 2020, shipments amounted to 9.3 thousand tons, the entire volume was sent to LGOK and MGOK
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