Metinvest to invest $670 million in ecological modernization in 2019–2025

According to the statement made by Yuriy Ryzhenkov, CEO at Metinvest, at the European Steel Conference held in Milan, Italy, the Metinvest Group is going to invest $670 million in ecological modernization of its plants in 2019–2025.

In 2018, the Group’s capital investment in ecological modernization projects in Ukraine amounted to $117 million, or 31% of the Group’s total capital investment in that year.

“The steel industry in Ukraine means guaranteed investment in environment, capacity development as well as regional development,” Mr Ryzhenkov underlined.

Metinvest’s portfolio now includes 149 ecological modernization projects, of which 5 have been completed, 101 are in progress and 43 planned.

The environmental tax that Metinvest paid in 2018 amounted to $21.5 million.

According to GMK Center, in the period from January to June, Metinvest’s net profit fell by 39% to $408 million compared to the same period of 2018.

The Company’s revenue in January — June decreased by 6%, down to $5.8 billion, EBITDA declined by 33%, down to $890 million.