Metinvest lost control over several subsidiaries

16 March 2017

According to report of the company on web-site of Irish Stock Exchange, the largest Ukrainian steel and iron ore producer lost control over enterprises situated at not controlled by Ukrainian government part of Eastern Ukraine.

In total seven enterprises have been seized, the most notable ones are Yenakiieve Iron and Steel Works, Khartsyzsk Pipe Plant and Krasnodon Coal Company. Latter has been main coking coal producer of the group several years ago, but during last period of time it largely decreased output from 2.8M tons of coal in Y2013 to about 786k tons in Y2016. At the moment main coal producer of the group is US-based United Coal (provides about 35-40% of Metinvest needs in coking coal).

Yenakiieve Steel Mill in Y2016 produced 1.9M tons of steel (23% of total Metinvest steel output disregarding Zaporizhstal), while Khartsyzsk Pipe Plant in the last years has been idle during main part of the time.

In its report the group notes that loss of control over above-mentioned enterprises will not have impact of restructuring of Metinvest debt.

In Y2016 Metinvest (disregarding Zaporizhstal) produced 8.8M tons of pig iron (+10% y-o-y), 8.4M tons of crude steel (+9% y-o-y) and 29.6M of iron ore concentrate (-8% y-o-y).

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