2024-09-13T14:32:00+03:00 Economy 2024-09-24T04:00:02+03:00

Ukrainian news

Metinvest may start construction of metallurgical plant in Italy worth EUR 2.5 billion in late 2024

Metinvest may start construction of metallurgical plant in Italy worth EUR 2.5 billion in late 2024

Metinvest Group plans to start construction of a metallurgical plant in Piombino (Italy) in late 2024 - early 2025.

The Director General of the Metinvest Group, Yurii Ryzhenkov, said this in an interview with Forbes Ukraine, the Ukrainian News agency reports.

"I hope that the construction will start by the end of this year - the beginning of the next. According to the plan, the plant should produce the first steel at the end of 2027," he said.

The capacity of the plant will be 2.7 million tons of steel per year, and the total cost of the enterprise is EUR 2.5 billion.

Metinvest implements the project in partnership with the Italian company Danieli on terms of 50:50.

At the same time, Ryzhenkov expects that after the completion of construction, Danieli will want to withdraw from the shareholders.

"For Danieli, this project is a showroom. They want to show that they can build such high-tech plants," he says.

According to Ryzhenkov, the group also wants to purchase or lease a metal plant in Eastern Europe.

"We are looking at Romania, Italy, we are looking very carefully at Poland. It is important for us that this acquisition or lease should be invested in our strategy of transition to green metallurgy and increasing the demand for high-quality pellets and ore with a high iron content from our Ukrainian coal mines," he said. he.

As the Ukrainian News agency earlier reported, in 2023, compared to 2022, Metinvest reduced the loss by 11.3 times, or by USD 2 billion, to USD 194 million.

In 2023, compared to 2022, the group reduced the production of finished goods by 18%, or by 0.486 million tons, to 2.291 million tons.

Metinvest has two metallurgical enterprises in Italy: Metinvest Trametal (San Giorgio di Nogaro, province of Udine) and Ferriera Valsider (Vallese di Oppeano, province of Verona).

The main shareholders of the Metinvest Group are SCM (71.24%) and the Smart-Holding Group (23.76%), which participate in the management of Metinvest on a partnership basis.

100% of SCM shares belong to businessman Rinat Akhmetov.