Metinvest in the first quarter sharply reduced the production of key types of metal products

The largest Ukrainian mining and metallurgical holding Metinvest B.V. (Metinvest) in the first quarter of 2022 reduced steel production by 8% compared to the same period last year, and by 25% compared to the previous quarter - to 1.962 million tons, reduced pig iron production by 15% and 31%, to 1.828 million tons , reduced the total production of coke by 33% and 28%, respectively, to 783 thousand tons and reduced the output of finished metal products by 30% to 1.991 million tons.

According to the company's press release on operating results for the first quarter of 2022, in January-March this year, the group reduced its total iron ore concentrate (IOC) production by 3% compared to the same period last year and by 10% quarter-on-quarter to 2.786 million tons, pellets by 35% and increased by 34%, respectively - up to 1.281 million tons, the total production of coking coal concentrate - increased by 29% and reduced by 14%, respectively, to 1.276 million tons.

As reported, according to the results of 2021, Metinvest increased steel production by 15% compared to 2020 - up to 9.533 million tons, pig iron - also by 15%, up to 9.709 million tons, but reduced the total production of coke by 5% - up to 4.551 million tons . In 2021, Metinvest increased the total production of iron ore concentrate (IRO) by 3% compared to the previous year - up to 31.341 million tons, pellets by 18% - up to 5.811 million tons and the total production of coking coal concentrate - by 92%, up to 5.542 million tons .

Metinvest is a vertically integrated mining group of companies that manages assets in every link of the production chain from iron ore and coal mining and coke production to the production of semi-finished products and finished products from steel, pipes and coils, as well as the production of other high value-added products. The group consists of mining and metallurgical enterprises located in Ukraine, Europe and the USA, has a sales network covering all key global markets.

Metinvest's main shareholders are Rinat Akhmetov's SCM group (71.24%) and Vadim Novinsky's Smart Holding (23.76%), who jointly manage the company.