Steelmakers are returned to the modernization of production
In 2010, the group Metinvest will invest $ 500 million in the development of assets, said on Friday, Bloomberg LP CEO Smart-Holding (owns 25% of Metinvest) Alex Pertini the World Economic Forum in Davos. He clarified that the funds will be directed at improving the quality of enterprise products, rather than buying new assets. To finance the program Metinvest ready to consider the possibility of issuing Eurobonds, but only "in the case of attractive interest rates.
more programs Metinvest and Smatr-holding were not disclosed. According to the strategy of Metinvest, which he presented in 2008, the year 2018 the company planned to invest more than $ 15 billion to increase crude steel twice (now 10.8 million tons per year).
Before the crisis of modernization claimed almost all Ukrainian steel - total until 2015-2020 the company promised to invest about $ 21 billion, but in response to falling world demand for metal in late 2008, the company froze the implementation of investment projects. 2009 was the worst for metallurgists in the past few years: the steel production fell by 20%, to 29.76 million tons, In 2009, MMC has survived, doing the optimization, rather than modernization. Now, metal prices have begun to improve, and companies may resume investment projects "- says CEO" Metallurgproma "Vasily Kharakhulakh.
Return to the implementation of investment programs and other metallurgists. At the Mariupol Metallurgical Plant them. Illich and Alchevsk Iron and Steel argue that in 2010 plans to complete the introduction of technology of pulverized coal injection. The total investment program, implemented Alchevsk Iron and Steel in 2005, is $ 2 billion, MMK im. Illich - about $ 3 billion
In "Zaporizhstal also intend to introduce the technology of pulverized coal injection and to replace open-hearth furnaces converters, and at the Dnepropetrovsk metallurgical plant them. Petrovsky plan to build a furnace steel processing units, to establish continuous casting machines and rolling mills to reconstruct. "But so far no funds for modernization. It all depends on when we return the VAT, the outstanding amount of which - 800 million UAH", - said chairman of the CMI. Lenin, Vladimir Boiko.
expert commends chances Metinvest raise $ 500 million for modernization. "In 2007, investments were on the same level, and the program could easily be financed out of the deal flow (profit in 2008 reached $ 2.8 billion-ed.), - The analyst of Troika Dialog Ukraine" Ivan Kharchuk .- Company the low level of debt. Alexander Makarov of Phoenix Capital notes that at the end of 2008 accounts payable enterprises Metinvest exceeded $ 2.6 billion, and already at the end of 2009 decreased to $ 1.3 billion
investing in upgrading now, save the company - the cost of equipment has fallen significantly compared with pre-crisis levels. "At the expense of cheaper equipment, labor costs and the devaluation of the hryvnia Ferrexpo has reduced estimates of the investment project construction Eristovskogo GOK almost half", - reported in Ferrexpo. "At current prices for coal only the introduction of pulverized coal injection systems will metkombinata reduce the cost of production of one ton of steel from $ 32 to $ 7-8", - said Konstantin Golovko from KBC Securities Ukraine. Thus, for example, for Azovstal smelted 4.6 million tonnes of steel per year, savings could reach $ 110-115 million per year.
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