Yuriy Ryzhenkov, CEO of Ukrainian steelmaker Metinvest Group, has talked about the company’s future plans, new investments, and decarbonization strategy.
Mr. Ryzhenkov started by saying that Metinvest has managed to produce about 50 types of new steel products even during the war. Also, it was able to supply steel products to southern Europe, Turkey, Egypt and China, following the opening of the Black Sea trade corridor in 2023. With that in mind, the company plans to increase its steel exports especially to North Africa and Turkey this year. As one of the larger steel product and raw material exporters in the world, Metinvest sold 25 percent of its products to the domestic market, 46 percent to Europe and the rest to other markets before the war. Now, it aims to increase the share of Europe in its sales to 50 percent.
Regarding new investments, the Metinvest official highlighted that the company will build new slab production units at its Zaporizhstal and Kametstal plants to support its European operations.
According to Mr. Ryzhenkov, the next few years will be shaped by innovation and decarbonization. Within the scope of the new norm, the company will build a new green steel plant in Piombino, Italy, which will be among the most technological and ecological plants in the world. Metinvest’s iron ore beneficiation plant Kryvyi Rih GZK will provide high-quality iron ore that can be used for direct reduction iron production. The construction of the green steel plant will take about two to three years. Additionally, it plans to modernize its Zaporizhstal and Kametstal plants within the scope of green transformation and to convert Kryvyi Rih GZK into a high-quality pellet production center, though this will require a significant investment in the 5-10 years after the end of the war.