The priority for the company is to maintain the operation of businesses: metallurgical plants operate at 65-75% of capacity, despite the fact that for profitability is more than 80%.
Due to the loss of capacity during the two years of the war, the location of some of its enterprises almost on the line of contact and the mobilization of 9,000 thousand workers to the front, the Metinvest group of companies is currently operating in threshold of profitability. Metinvest CEO Yuri Ryzhenkov spoke about this in an interview with The Telegraf, the group’s official website reported on Monday, January 26.
Maintaining production in factories near the front line is especially difficult, he said: workers wear body armor and helmets to work, and the company has set up shelters to protect them from direct fire.
“Obviously, it was a challenge for the company at first, especially because of the bombing and the high probability of a rocket attack, especially in some of our businesses that are literally located 35-40 kilometers from the front line . We had some hits,” he said.
Ryzhenkov noted that at the moment the priority for the company is to maintain the operation of businesses: metallurgical plants operate at 65-75% of capacity.
“If you want to make a profit in the metallurgical industry, the utilization rate of the business must be above 80%. But at least we can provide jobs and salaries for our employees and maintain capacity. We can continue to serving our customers,” emphasized the CEO. of Metinvest.
It was previously reported that the enterprises of the metallurgical holding Metinvest by the end of 2023 reduced the production of steel and cast iron by 31% – to 2.03 million tons. Over the past year, the Metinvest group transferred UAH 14.6 billion of taxes and fees to the budgets of all levels.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.