Metinvest’s free cash balance grows to $582 mln

Metinvest, Ukraine's largest mining and metals holding, had a free cash balance of $582 million as of May 6 this year, compared to $483 million as of April 7.

According to the announcement of the parent company Metinvest B.V. on the stock exchange, due to the Russian military invasion of Ukraine that began on February 24, 2022, a number of the group's assets were damaged, several assets were put into hot conservation (including Mariupol plants and the Avdiyivka Coke Plant), which led to the suspension of their production.

At the same time, it is currently not possible to assess the extent of the damage caused by the hostilities. In particular, part of the equipment of the Avdiyivka Coke Plant is being mothballed, the rest of the equipment is being repaired.

The management of Metinvest is working hard to ensure operations with other assets to the extent that it is safe for its employees and taking into account the remaining logistical restrictions in Ukraine. For example, Kamet Steel, a member of the group, operates two blast furnaces in Kamianske after blast furnace No. 12 was shut down for a scheduled overhaul.

In turn, enterprises for the extraction of iron ore and coking coal in Ukraine also continue to work.

Metinvest's coking coal mines in the United States and rolling mills in the EU and the UK operate as stand-alone businesses supported by the group. At the same time, United Coal in the United States redirected all volumes to export customers instead of intra-group sales.

Promet Steel in Bulgaria is stable and self-sufficient with the supply of square billets produced by Kamet Steel.

Spartan UK purchased raw materials from local suppliers.

Ferriera Valsider and Metinvest Trametal in Italy are carrying out annual repairs moving to May from August, with rolling operations expected to resume in June 2022.

Source: www.en.interfax.com.ua