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Metinvest announced 2024 first quarter results

Metinvest Group, an international steel and mining company based in Ukraine with facilities in many EU countries such as Italy and the UK, announced its production results for the first quarter of 2024.

Metinvest announced 2024 first quarter results

According to the data published by the company, steel production decreased by 5% compared to the previous quarter and fell to 469 thousand tonnes. Compared to the same period last year, this figure decreased by 4%.

The amount of pig iron smelting in this period was recorded as 403 thousand tonnes. This represents a 5% decrease compared to the previous quarter and a 10% decrease compared to the same period last year.

On the other hand, there was a remarkable increase in iron ore concentrate production. Production rose by 36% to 4.86 million tonnes. On the other hand, coal production decreased by 4% to 1.09 million tonnes. Coke production decreased by 3% to 283 thousand tonnes. According to the announced data:

- Crude steel production: 469 thousand tonnes (494 thousand tonnes in Q4 2023, down 5%; 491 thousand tonnes in Q1 2023, down 4%)

- Total iron ore concentrate production: 4.859 million tonnes (3.579 million tonnes in Q4 2023, up 36%; 2.306 million tonnes in Q1 2023, up more than 100%)

- Total coking coal concentrate production: 1.086 million tonnes (1.137 million tonnes in Q4 2023, down 4%; 1.461 million tonnes in Q1 2023, down 26%)

Metinvest Group stated that these changes in production are in line with global market conditions and the company's strategic plans. The decrease in steel production and increase in iron ore production reflect the company's efforts to adapt to current market dynamics.

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