Metinvest intends to make Zaporizhstal one of best steel mills in Eastern Europe, says Akhmetov
The building of a new oxygen-converter plant will make Zaporizhstal one of the most modern steel mills in Eastern Europe, according to Rinat Akhmetov, the owner of SCM, which via Metinvest Holding indirectly owns the largest stake in Zaporizhstal,.
"We have great ambitions. Today there is a crisis on the world markets for steel, and we have to make big investments to build a plant that we're proud of," he told reporters on Thursday during a ribbon-cutting ceremony for the launch of the first sinter machine with the high-performance gas purification system, which was also attended by Ukrainian President Viktor Yanukovych.
Akhmetov said that everyone would win from the investments - the enterprise, the workforce, the region and the country.
"We've approached this issue several times: we need to invest big funds in the mining and metal complex. We're ready for this. Our development strategy foresees this. Our Metinvest Group will make large investment and modernize the mining and metal complex of Ukraine," the businessman said.
He said the Ukrainian mining and metal complex brings 40% of Ukraine's revenues in foreign currency.
Asked about the assessment of operation of the new top managers at Zaporizhstal, who were appointed after the purchase of a controlling stake by Metinvest a year ago, Akhmetov said that this year they had managed to achieve better results.
"Last year we saw losses. When you see losses, big funds [have to be invested] in modernization… Now the indicators are better," he said.
Zaporizhstal, one of Ukraine's biggest steel plants, produces hot-and cold-rolled steel sheet with a thickness of 0.5-7.0 mm from carbon, low-alloyed, alloyed and stainless steels.
Metinvest is an international vertically integrated mining group of companies that manages assets in each link of the production chain from iron ore and coal extraction and coke production to the output of semi-finished and finished goods made of steel, pipes, rolled goods, and other products with high added value. The group consists of mining and metallurgical enterprises in Ukraine, Europe and the United States and has a sales network covering all the key global markets.
