In this memorandum, the parties agreed to implement joint projects in the field of sustainable development of the industry. These include joint R&D initiatives funded by Horizon Europe and the Coal and Steel Research Foundation, related to climate and environmental issues in the steel industry. The cooperation includes work on technological solutions that can be implemented at Metinvest's production plants, as well as on promising technologies and solutions for the entire supply chain of the metallurgical and mining industries, in order to accelerate the decarbonization process of Metinvest. Areas of mutual interest include energy efficient and innovative production of DRI (Direct Reduced Iron) steel, carbon capture and utilization and metallurgical gas.
Yuri Ryzhenkov, CEO of Metinvest Group:
- Metinvest continues to seek opportunities to achieve carbon neutrality in the future. And we believe that working with an experienced technology leader like Primetals Technologies will help achieve the intermediate decarbonization goal and make a significant contribution to achieving zero greenhouse gas climate neutrality. This is the main goal of the European Green Deal, which is in line with the EU and Ukraine's commitments on global climate action under the Paris Agreement.
Norbert Petermeier, Executive Vice President and Board Member of Primetals Technologies:
- We have been long-term technology partners of Metinvest since its inception and are proud to accompany Metinvest on its way to achieving decarbonization goals. With decades of customer-centric innovation, Primetals Technologies has pioneered disruptive technology and we are confident that this partnership will help shape the future of steelmaking.
Background
Primetals Technologies, headquartered in London, UK, is a global leader in the engineering, construction and lifecycle of the metals industry. The company offers a full range of technologies, products and services, including integrated electrical equipment and automation, digitalization and environmental solutions. The company's activities cover every stage of the iron and steel production chain - from raw materials to finished products - and include the latest solutions for the non-ferrous metallurgy sector. Primetals Technologies is a joint venture between Mitsubishi Heavy Industries and partners, employing approximately 7,000 employees worldwide.
Metinvest is a vertically integrated group of mining and metals companies, managing every link of the supply chain - from mining and processing of iron ore and coal to the production and sale of semi-finished products and finished metal products. It includes metallurgical and mining enterprises in Ukraine, the EU, the UK and the USA, as well as a distribution network in all key world markets. Metinvest's strategic goal is to become the leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability and investment returns above industry standards despite cyclical markets. In 2020, the Group had revenues of USD 10.5 billion and an EBITDA margin of 21%.
