Ukrainian steelmaker ‘will not work under Russian occupation’

  • Metinvest, Ukraine’s leading steelmaker, swears it will never operate under Russian occupation.
  • The company is controlled by Rinat Akhmetov, the country’s richest man.
  • It said in a statement seen by Reuters that a third of production capacity was out of service.

Ukraine’s largest steelmaker, Metinvest, promised on Friday that it would never work under Russian occupation.

Reuters reported the news, citing a statement from the company, which was sent to the agency:

“We believe in Ukraine’s victory and plan to resume production after the end of hostilities. Metinvest metallurgical enterprises will never operate under Russian occupation,” the statement said.

According to Reuters, the company also said more than a third of Ukraine’s metallurgical production capacity was out of service due to the Mariupol siege.

“The country has therefore lost 30 to 40% of its metallurgical production capacity since the factories are not working. We have no doubt that their work will resume, but for that Mariupol must remain Ukrainian,” the statement added, according to Reuters.

Metinvest is Ukraine’s top steelmaker, according to data published by Statista in September 2021. The company is controlled by Rinat Akhmetov, the country’s richest man, who has a net worth of $3.9 billion according to Forbes.

The company added that it had no way of assessing the damage at this time, due to ongoing fighting.

In an earlier statement, posted on its website on Tuesday, the company said: “Avdiivka and Mariupol assets are believed to have suffered further damage from the hostilities in the cities where they are located.”

He added: “Until the active phase of Russian military aggression is stopped and reliable communication channels with the power plants are restored, it is not possible to assess its impact on the power plants. of the group.”

Metinvest did not immediately respond to Insider’s request for comment made outside of normal working hours.

A week before the outbreak of war, the company had planned to invest $1.2 billion in Ukraine to modernize its businesses and was seeking to raise wages for its workers from March 1.

In an earlier report, Reuters said Metinvest produced about 40 million tons of iron ore a year and Ukraine was among the top European suppliers.

Insider reported that Ukraine said between 2,500 and 3,000 of its soldiers were killed, compared to 19,000 for Russia.

Leave a Comment