SCM reports 17.4% increase in capital investment in 2019

 In 2019, businesses within the SCM group made capital investments totaling UAH 42.1 billion, which is 17.4% more than in 2018, the company has reported on its website.

Earlier, SCM's Public Relations and Communications Director Natalya Yemchenko announced that 2019 will be the year of the group's record investments in the Ukrainian economy: in 2018, the group increased its capital investment by 51%, to UAH 36 billion.

According to the results of the first half of 2019, SCM reported a double growth of investments in the development and modernization of production to UAH 20.41 billion, over the first nine months it amounted to 30%, to UAH 31 billion.

According to group's estimates, its investments amounted to 20% of all investments in industry in Ukraine in 2019.

Yemchenko said that the main investments in 2019 were made in DTEK and Metinvest. Major projects in the mining and metallurgical complex were the overhaul of the blast furnace No. 3 of the Azovstal iron and steel works with the simultaneous installation of a pulverized coal injection plant, and the reconstruction of the sheet rolling workshop 1700 at Mariupol Illich Steel Works, as well as the launch of a new complex of continuous casting machine No. 4 at Mariupol Illich Steel Works for $150 million, which will increase steel production at the plant by 40%.

The SCM director reported that DTEK made major investments in green energy in 2019. Nikopol solar power plant has been operating since March 2019; two phases of the Prymorska Wind Farm with 52 General Electric wind turbines were launched; the construction of infrastructure was completed and all 26 Vestas wind turbines were installed at the Orlovska Wind Farm; Pokrovska Wind Farm has been supplying electricity since October.

"The main thing is we are modernizing metallurgy and building a new energy sector. We have invested, are investing and will continue investing," Yemchenko said.

SCM reported that the amount of taxes paid by its businesses to the state budget amounted to UAH 58.5 billion in 2019, and the financing of social programs in the cities where enterprises operate, grew to UAH 10.8 billion.

The group reported a 30% increase in tax payments to UAH 62 billion in 2018.

Source: www.en.interfax.com.ua