1.2 billion Development Investments from “Metinvest”

by Olha Povaliaieva
Thursday, February 17, 2022
2 MIN
1.2 billion Development Investments from “Metinvest”

A Ukrainian company with enterprises in the US and Europe continues to invest in the modernization of its enterprises and the development of the country's infrastructure

On February 16, at a press conference of Metinvest's shareholders, the holding's plans for the further development of the enterprise in accordance with the challenges of environmental protection were discussed.

"You and I have one goal — strong and successful enterprises, a strong, peaceful and successful Mariupol, a strong, peaceful, united, and independent Ukraine. We continue to build, continue to invest. Metinvest Group will invest more than $1 billion this year. A new university will be built in Mariupol", Rinat Akhmetov, a shareholder of Metinvest.

The enterprise is heading for the green renewal of equipment at enterprises in the current year. The most important project is considered to be the modernization of gas cleaning systems in the oxygen-converter shop of the Azovstal metallurgical plant (Mariupol, southeastern Ukraine). The reconstruction of equipment at Azovstal is probably the most expensive green project of Metinvest in Ukraine — more than $180 million. A complete renovation of the workshop is planned for 2023.

In 2022, it is planned to put into operation the modernized gas cleaning units of the foundries and the bunker rack of the blast furnace at the Ilyich iron and steel plant (Mariupol, southeastern Ukraine). In the same year, at the Northern mining and processing plant (Dnipro, eastern Ukraine), the gas cleaning system of the roasting machine will be updated.

We remind you that last year Metinvest invested more than €30 million in the opening of the non-state university Metinvest Polytechnica in Mariupol.

"Metinvest showed the highest level of patriotism and faith in the state by investing a record amount of funds in the company's history in the development of industry in Ukraine. Last year we invested more than $1 billion in projects that make the Ukrainian industry more modern, competitive, and environmentally friendly. However, our investments are not are limited only to production. We do everything to make it comfortable to live and work in cities, and Ukrainians are proud of their country", Yuriy Ryzhenkov, CEO of the group.

Metinvest has been developing in Ukraine for 16 years. According to company representatives, during this time, more than $11 billion was invested in the modernization of production and more than $7.7 billion in the country's budget.

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