"Metinvest" sold more than half of its products in the EU

“Metinvest” sold more than half of its products in the EU

01/03/2024

Image source: pixelied.com / pixabay.com

In the first half of 2023, the Mining and Metallurgical Group “Metinvest” sold 55% of its metallurgical and mining products in the countries of the European Union (EU). At the same time, 35% of this production was sold in Ukraine, 2% in MENA countries, 1% in CIS countries, and 7% in other regions. The total revenue amounted to $2.423 billion.

It is noted that sales of metallurgical products decreased by 33% in the first half of 2023 compared to the same period of the previous year. This was mainly due to the reduction in production volumes at Ukrainian metallurgical enterprises, as well as due to the decrease in average selling prices. However, this situation was partially offset by the increase in the volumes of billets, long products, and coke sales.

The positive dynamics for the first half of 2023 compared to the second half of 2022 is due to higher sales volumes of finished products, semi-finished products, and coke.

However, sales of iron ore products also decreased by 32% in the first half of 2023 compared to the first half of 2022, mainly due to falling iron ore prices and reduced shipments due to the blockade of Ukrainian ports. Nevertheless, this was partially offset by increased sales volumes of sinter and concentrate of coking coal.

The Metinvest Group consists of mining and metallurgical enterprises in Ukraine, Europe, and the United States, with the main shareholders being SCM Group and Smart-Holding. The managing company of the group is Metinvest Holding LLC.

Source and Credit: open4business.com.ua

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