The Ukrainian mining and steel producing company Metinvest Holding (Metinvest) has announced that in 2008 its Geneva-based export company Metinvest International increased its shipments of iron ore and steel products by 22 percent year on year to 12.7 million mt.
In 2008, Metinvest International's sales turnover amounted to CHF 7.1 billion ($6.14 billion) - up 75 percent year on year. However, due to the rapidly deteriorating business environment in the last quarter of the year, the sales volume declined sharply in all product ranges and all geographic areas.
"The present economic situation requires very flexible and rapid reactions to the evolution of demand. Adequate measures have already been taken in order to align our cost structure with the current environment. Since the beginning of 2009, sales orders are in line with revised expectations," Metinvest International CEO Andrey Parkhomchuk stated.
According to the company's release, currently Metinvest handles four percent of the world market for pipes, nine percent of the world market for merchant square billets, and four percent for heavy plates.
Metinvest International is responsible for export sales of iron ore and steel products produced by Metinvest Group steelmaking companies and other enterprises outside Ukraine and CIS.