Metalloinvest announces its strategy for period up to 2023

Wednesday, 27 May 2015 16:49:27 (GMT+3)   |   Istanbul
       

Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced that in the period up to 2023 it plans to increase its iron ore output by 29 percent, its pellet production by 17 percent, hot briquetted and direct reduced iron (HBI/DRI) output by 45 percent, and its crude steel production by six percent as a result of the implementation of current and future projects that are awaiting approval, within the scope of the company's long-term development.

According to Metalloinvest, it is aiming to reinforce its position as a global leader in the production of merchant hot briquetted iron (HBI), implementing the company's large-scale investment program in order to increase its development and production efficency, and to increase the share of high added-value products and improve product quality.

Meanwhile, Metalloinvest continues to focus on financial sustainability by further reducing debt and financing investment projects, while in the period up to 2023 it is targeting capital expenditure of approximately $5.8 billion and aims to keep its EBITDA margin above 30 percent. Andrey Varichev, CEO of Metalloinvest management company, stated, "Strategy 2023 outlines our key long-term targets and plans for Metalloinvest's development. We strive to strengthen our position as the largest highly-efficient international producer of HBI and DRI, a regional producer of iron ore and high-quality steel for our customers and partners. We are committed to the sustainable development of the regions where we operate and thus pay particular attention to the stable growth in the economic and social potential of each region and the implementation of projects to reduce the company's environmental footprint."