Yuri Ryzhenkov: we are forced to reduce production

Yuri Ryzhenkov, General Director of Metinvest Group, held a meeting with journalists from the national media. He spoke about the plight of the metallurgical industry and plans to overcome the crisis:

“We are now caught between a rock and a hard place. On the one hand, we have the worst market over the past decade - both for ore and metal, and on the other hand - military operations in the Donbass, various embargoes and restrictions. In addition, there are various initiatives of our officials who are trying to solve individual problems, not paying attention to the situation as a whole. Ukrzaliznytsia once again decides to raise tariffs. Fiscal policy is unstable - the VAT debt to Metinvest Group currently amounts to UAH 2.2 billion. We found ourselves in a situation where the entire industry is operating with zero, if not negative, profitability. As a result, we are forced to reduce production. And this leads to a drop in traffic volumes and tax deductions. This is a vicious circle that leads to the destruction of metallurgy - the basis of the Ukrainian economy. Every day we work to improve our own efficiency, but without an integrated approach of the authorities to the problems of the industry, we will not achieve a positive result. "