Akhmetov's SCM holding boosted investment 50% to $835 mln in 2023

MOSCOW. Feb 27 (Interfax) - SCM, Ukraine's biggest investment holding, boosted investments in business development 50% in 2023 to more than UAH 32 billion or $835 million at the current exchange rate.

"In the 12 months of 2023, Rinat Akhmetov's SCM allocated over UAH 32 billion ($0.8 billion) for capital investments and modernization in Ukraine. This is almost 52% more than in 2022," Ukrainian media reported, quoting an SCM press release.

SCM's DTEK Group used some of this investment to launch 26 new coal faces, upgrade over 6,000 km of overhead power lines and refurbish 2,000 energy assets, including extensive repairs of power plant units. Investment in the second stage of the Tiligulskaya Wind Power Plant continued, and geological surveying, construction and drilling activities were carried out at gas fields.

Metinvest Group's capital investment focused on restoring key steel companies, including furnace overhauls at Zaporozhstal and Kametstal, and equipment at the Krivoi Rog mines. Support was provided for the operational infrastructure of Pokrovskugol, which involved launching new coal faces.

SCM's Ukrainian enterprises, affiliates and joint ventures paid UAH 66.4 billion or $1.8 billion in tax and other dues to budgets at all levels in 2023. Social spending amounted to UAH 11.4 billion or $0.3 billion.

SCM invests in metals and mining (Metinvest B.V.), energy (DTEK B.V.), minerals, banking and finance (FUIB), telecommunications (Ukrtelecom), agriculture (HarvEast), transport and logistics (Lemtrans and Portinvest) and retail. SCM enterprises currently operate in Ukraine, Cyprus, the Netherlands, Italy, Bulgaria, Switzerland, the UK and the United States.