“The dynamics is positive”. Metinvests’ CEO, Yuriy Ryzhenkov – an Extensive Interview
In the first half of 2024, Metinvest, Ukraine’s largest company, almost quadrupled its profits, while revenues increased by more than 20%. “A low comparison base effect is also there,” said 48-year-old Yuriy Ryzhenkov, Metinvest’s CEO. However, the Group faces serious challenges ahead.An acute electricity shortage is expected in winter, Ukrainian Railways plans to increase freight rates for steelmakers by 20%, and global iron ore prices are falling. In addition, the Group must pay over US$600 million to its creditors in 2025-2026. How will Metinvest respond to these challenges?Adapting to the war in 2024– In 2023, your iron ore plants operated at 35-40% capacity, and your steel plants at 65-75%. What is the situation in 2024?– For steel plants, almost nothing has changed. Zaporizhstal operates three blast furnaces, which means that it is operating at 75% capacity. Kamet Steel operates two of its three furnaces: at 65%. To increase production, we need to overhaul the furnaces that were