Metinvest's Key EU Investments Green Steel Plant and Storage Complex

18 Jun, 2024

Metinvest's Key EU Investments Green Steel Plant and Storage Complex

Metinvest Group plans a significant investment in the EU, including a new green steel plant in Piombino, Italy. The CEO, Yuriy Ryzhenkov, highlighted in an interview with La Repubblica that the Piombino plant will be highly advanced and eco-friendly, serving as a pilot project for future investments in Ukraine post-war reconstruction. The plant aims to utilize iron ore from Ukraine, enhancing domestic mining and processing capabilities.

Ryzhenkov noted that despite changes due to the war, the plan now focuses on leveraging Ukrainian iron ore for steel production in Italy, aiming to reduce the country's steel import deficit of approximately 6 million tons.

Construction is slated to begin by late 2024, pending finalization of program agreements by mid-year 2024, with production anticipated to commence in 2027. Before the conflict, Metinvest operated production facilities in Europe, including Promet Steel in Bulgaria, Metinvest Trametal and Ferriera Valsider in Italy, and Spartan UK in the UK, contributing significantly to regional steel production.