Iron ore assets of Metinvest: where and why profit-2013 grew

On Tuesday, February 25, financial rates of mining and dressing enterprises of the Metinvest group, for 2013 were published. According to information of the enterprises, prepared for annual meetings of shareholders that will take place in March and April, last year Severny GOK increased its net profit by over 25% as compared with 2012 to a little more than 4.44 billion hryvnias, and Centralny GOK doubled its profit to about 1.575 billion hryvnies. Another GOK of the group – Inguletsky – decreased its net profit by 1.1% to 4.713 billion hryvnias last year. Together these three iron-ore enterprises of Metinvest earned 10.73 billion hryvnias in 2013, or over $1.187 billion.

Last year’s results of these enterprises also show growth concerning 2012. Last year, the Severny GOK increased production of iron ore concentrate by 3% to 15 million tons and pellets by 8.8% to 10.84 million tons. In the same period, the Centralny GOK maintained the production of pellets (2.31 million tons) at the level of the previous year, but increased the output of concentrate by 3% to about 6.6 million tons. The Inguletsky GOK increased the production of concentrate by 0.2% to 13.62 million tons (the enterprise doesn’t output pellets).