SCM Group ups investment in Ukrainian business by 25% in H1
MOSCOW. Sept 7 (Interfax) - System Capital Management (SCM), the investment group of Ukrainian billionaire Rinat Akhmetov, increased investment in its businesses in Ukraine by almost 25% year-on-year to about UAH12.7 billion in the first half of 2023.
Metinvest Group, SCM's steel and coal division, focused capital investment on restoring and developing critical facilities for Ukraine's steel industry, Ukrainian media reported, citing an SCM press release.
This included "[r]epairs to blast furnaces at Zaporizhstal and Kametstal, the restoration of equipment at Kryvyi Rih Ore Mining and Processing Plants (GZK), and most importantly - continued development of production infrastructure and commencing new coal mining longwalls at Pokrovskevuhillya," SCM said.
"To ensure a stable transition through the winter period, damaged electric networks have been modernized and repaired, and the energy blocks of thermal power stations, along with their components, have undergone comprehensive renovations. Modern purification equipment has been installed, and significant upgrades have been made to mining operations," SCM said.
The group also said that, in order to "secure Ukraine's energy independence, the first phase of one of Eastern Europe's most powerful wind energy stations, Tyligulska Wind Farm, commenced operations in May." Furthermore, extensive geological surveys, construction, and drilling activities were carried out at natural gas fields, the press release said.
SCM's Ukrainian, associated and joint enterprises contributed UAH29.3 billion in taxes and fees to budgets at all levels, the release said.
SCM is Ukraine's largest investment group, with interests in the mining and metals sector (Metinvest B.V.), energy (DTEK B.V.), banking and finance (PUMB), telecoms (Ukrtelecom), retail (TsUM), agriculture (HarvEast) and transport and logistics (Lemtrans and Portinvest). SCM businesses and holding companies operate in Ukraine, Cyprus, the Netherlands, Italy, Bulgaria, Switzerland, the United Kingdom and the United States.
The official exchange rate was UAH36.57/$1 on September 6.