METALLOINVEST FINANCE DESIGNATED ACTIVITY COMPANY (FRA:XS091829) Metalloinvest Finance Designated Activity Company: Metalloinvest and Zagorsk Pipe Plant completed negotiations on joint development of Ural Steel
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Metalloinvest Finance Designated Activity Company (IRSH)
Metalloinvest and Zagorsk Pipe Plant completed negotiations on joint development of Ural Steel
Moscow, Russia - 02 July 2020 - Metalloinvest and Zagorsk Pipe Plant (ZTZ) have ended discussions on a strategic partnership for the development of Ural Steel and on ZTZ's acquisition of an equity stake in the enterprise. Following an in-depth study and analysis of market conditions, the parties decided to continue independent development of their assets. Metalloinvest reaffirms its commitment to its long-term partnership with ZTZ in steel supply. Ural Steel has been part of Metalloinvest since 2006. Over the past 10 years, the total investment into the enterprise's development has exceeded 25 bn roubles. Significant progress has been made in developing and modernising production facilities to minimise the environmental impact of the production. The decommissioning of outdated open-hearth production and equipment modernisation have enabled a reduction in emissions by more than a third since 2006. Since 2017, Metalloinvest has been implementing a comprehensive development programme at Ural Steel. In 2019, modernisation of the electric arc furnaces was completed following the implementation of Flexible Modular Furnace technology. Last year the enterprise introduced a single integrated financial and business management system using SAP S/4 HANA. Currently, blast furnace modernisation, construction of a new air separation facility, modernisation of the thermal power plant and foundry development are in progress.
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Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%). |
| ISIN: | XS0918297382 |
| Category Code: | MSCL |
| TIDM: | IRSH |
| Sequence No.: | 73561 |
| EQS News ID: | 1085629 |
| End of Announcement | EQS News Service |
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