Metinvest confirms plans to build plant in Italy
Seeking to circumvent Russian aggression and keep supplying customers, Metinvest is weighing plans to construct a new Italian plant that could receive raw materials from its Ukrainian mines and steel mills, stated the CEO of the Metinvest Group Yuriy Ryzhenkov.
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According to him, the European market has always been the number one market for Metinvest and now the group is studying opportunities in Europe.
"For example, many people talked about the fact that we are considering the possibility of building a new plant in Italy. This is true. This plant should be built in Italy in order to load Ukrainian mining and processing plants with super high-quality pellets. It will be a direct chain from Ukraine to Europe, it will be serious market for our high-quality mining products," said Ryzhenkov.
In 2022, the mining and metallurgical group Metinvest recorded a loss of $2.193 billion. The year before that, it had a profit of $4.765 billion.
In January 2023, the Metinvest Group notified the Hungarian government of its desire to buy the ISD Dunaferr metallurgical plant, which is in liquidation.
According to Ryzhenkov's forecasts, it may take up to five years to restore the Azovstal steelworks and Illich Steel and Iron Works in Mariupol after the city returns to Ukrainian control.