29 June 2022, Wednesday, 10:14 375

Metinvest considering building new plant in Bulgaria or Italy

Editor: Roman Vaniyan

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Metinvest Group is considering building a new plant in Bulgaria or Italy.

Metinvest has announced this in a statement, Ukrainian News Agency reports.

"We already have a business outside Ukraine: two factories in Italy, a factory in Bulgaria, a factory in the UK, mines in the USA. We also have a large trading company that sells our products all over the world. We have already invested, and we have plans of investments in a large plant in Italy, which we planned to build in the next 3-4 years, but the problem is that it was based on the supply of slabs from Azovstal, and in Italy, we have to process them into final products. Now it is more difficult "because you need to look for synergy with the assets that the company has. For example, we are considering the prospect of building a new plant in Bulgaria or Italy," said Metinvest CEO Yurii Ryzhenkov.

At the same time, according to him, when building a new enterprise, it is necessary to be sure that the group will be able to deliver iron ore from Kryvyi Rih.

“Now, it is possible, but not guaranteed. That is, we are considering different scenarios. Our technology strategy involves investments both in Ukraine and in other countries,” he added.

As Ukrainian News Agency reported, businessman Rinat Akhmetov has filed a lawsuit with the European Court of Human Rights (ECHR) against Russia for damages for gross infringement of his property rights during Russia's unprovoked military aggression against Ukraine.

In May, Akhmetov said that the pre-war capitalization of the damaged and destroyed assets of System Capital Management was USD 20 billion.

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

100% of SCM shares are owned by businessman Rinat Akhmetov.