Metinvest finds new markets in Europe - CEO
MOSCOW. June 24 (Interfax) - The Metinvest mining and metallurgical group intends to continue to develop Pokrovske Colliery in the Donetsk region, the largest producer of coking coal in Ukraine, as well as the Sviato-Varvarynska Beneficiation Plant, Metinvest CEO Yuriy Ryzhenkov said at a meeting with Metinvest Pokrovsk Coal employees.
"Our plans haven't changed. We're continuing to work, and we understand that our coal will be in demand in the next 10 to 15 years. It's too early to speak about clean technology and green steel. While I am sure a transition to green steel is inevitable, this will take another 15-20 years. Our coal will be needed during this time. Therefore, we intend to follow through on our plans of developing and upgrading the Pokrovske Colliery," Ukrainian media quoted Ryzhenkov as saying.
The events in Ukraine have had a substantial effect on Metinvest's operations, he said.
"We've lost the opportunity to operate our plants in Mariupol. We had to stop our plant in Avdiyivka, evacuate people and take equipment out of there. Our plants and facilities in Kamyanske, Zaporizhzhya, and Kryvyi Rih are not working at full capacity. Coal produced by the Pokrovske Colliery's miners is valuable and needed," he said.
Four producing sections are currently operating at the Pokrovske Colliery, he said.
"We stand ready to keep stepping up the volumes, increasing the cutting rate and production indicators, and invest in development. We have time-tested marketing channels now. We've managed to find new markets not only in Ukraine, but also in other countries, such as Slovakia, Hungary, and Poland. We consider possible cooperation with West European plants," Ryzhenkov said.
As reported earlier, Metinvest set up the company Metinvest Pokrovsk Coal on December 1, 2021 to manage operational and administrative changes of the Pokrovske Colliery Group companies. It comprises the Pokrovske Colliery and the Sviato-Varvarynska Beneficiation Plant.
Pokrovske Colliery (earlier known as Krasnoarmiiska-Western No. 1) is the largest producer of coking coal in Ukraine.
Metinvest B.V. established control over Pokrovske Colliery in March 2021. The group had become its minority shareholder in 2018.
The primary shareholders of Metinvest B.V. are SCM Group (71.24%) and Smart Holding (23.76%) that jointly manage the company.
Metinvest Holding LLC is the management company of Metinvest Group.