Metinvest expanded supplies of semi-finished products for foreign assets – Yuriy Ryzhenkov

Metinvest expanded supplies of semi-finished products for foreign assets in Italy and the UK, which at the beginning of 2022 were left without products from Ukraine due to the occupation of Mariupol. The CEO of Metinvest Group, Yuri Ryzhenkov, told about it on Ian King Live on Sky News, reports the message on the company’s website.

According to him, after the start of the war, the foreign assets of Metinvest had certain difficulties mainly due to the fact that earlier in the work they relied on semi-finished products from Azovstal.

“Since then, we have diversified our sources of supply of semi-finished products. For example, here, in the UK, slabs are now supplied by British Steel, Thyssenkrupp. In Italy – by ADI. We have found various suppliers who can provide us with the required volumes,” noted Yuriy Ryzhenkov.

Metinvest expects to receive from Russia full compensation for the losses caused to the company’s assets due to the full-scale invasion of the Russian Federation. According to the CEO, these funds are planned to be reinvested in Ukrainian factories in order to resume their work.

As GMK Center reported earlier, Metinvest is operating at the level of 30-50% of the company’s pre-war capacities. Even such indicators are difficult to achieve due to logistics, since Black Sea ports are not available for Ukraine to export iron ore, steel and coal. The company is forced to deliver goods by land routes, and their capacity, unfortunately, is either insufficient for significant deliveries or very expensive for some of the goods.

Also, Metinvest is invoked against Russia to the European Court of Human Rights. 16 companies of the Group have already submitted claims to the ECHR, and more than 10 will do the same by the end of 2022.