Following Russia's full-scale military invasion of Ukraine, the country's steel sector, including Metinvest, suffered from security issues related to the war, as well as energy supply and logistics problems, as well as the overall difficult economic situation in Ukraine. Ukraine, the company said in an official statement.
The group's steel and pig iron production increased by 30 percent and 2 percent quarter-on-quarter in the third quarter, driven by the aforementioned repairs at Kamet Steel and the overall improvement in efficiency seen during the July-September quarter. However, in the first nine months, the corresponding figures decreased by 10 percent and 6 percent year-on-year, respectively.
A significant increase in the production of commercial steel billets was observed in the third quarter, 80 percent quarter-on-quarter, again due to the resumption of production at Kamet Steel, while output decreased by 19 percent year-on-year in the period from January to September due to lower production indicators and increase the consumption of own blanks for rolling long products. The main consumers of Metinvest's billets are buyers from the EU, Turkey and some countries of the Middle East.
The group's sheet metal production in Ukraine decreased by eight percent in the third quarter, while long products decreased by four percent compared to the previous quarter. In the first nine months, the same figures showed an increase of 12 and five percent year-on-year, respectively.
