International vertically integrated mining and steel group Metinvest, owned by Ukrainian billionaire Rinat Akhmetov, has defaulted on its debt obligations, and the company is now in talks with its creditors, according to a company press release.
Ukraine’s mining and metal company Metinvest is holding consultations with lawyers on the possibility of postponing return of debts, Bloomberg news agency has reported, referring to its sources.
Metinvest Group’s metallurgical mills began to manufacture 19 products last year, bringing the total to 97 new items in 2010 to 2014. Revenue from the new products in the last four years amounted to $38.7 million.
Metinvest SMC, Metinvest Group’s wholesale and retail sales channel in Ukraine, opened a new warehouse to hold a buffer stock of pipe products and a retail metal center.
Metinvest has set up a trade representative in Spain – Metinvest Iberica. The company will be responsible for strengthening cooperation with Metinvest rolled steel consumers in Spain and Portugal and for services.
In 2014 Metinvest group produced 34880 thousand tons of iron ore concentrate, down by 6%, or by 2038 thousand tons, YoY.
A rise in hot metal output in Q4 2014 caused an increase in merchant pig iron production of 114,000 tons QoQ.
In 2014 Ukraine’s largest metal company Metinvest produced 4.79 million tons of coke, down by 22% YoY.