Lysva Metallurgical Plant’s Output Doubles
5 June 2019 (09:12)
UrBC, Chelyabinsk, June 5, 2019. MMK Lysva Metallurgical Plant’s output more than doubled in the course of one year, MMK’s Information & PR Department reports.
The plant made 110,100,000 kg of goods in 2017 and 248,500,000 kg in 2018. The goal is to raise the output by another 20% so that the final figure comes to 300,000,000 kg, Director-General Sergey Dubrovsky said during his meeting with Governor of Perm Territory Maxim Reshetnikov (who visited the plant during his business trip to Lysva).
According to Perm Territory Government’s press service, Sergey Dubrovsky and Governor Reshetnikov also talked about the plant workers’ social welfare package and the plant’s project on Russia’s first special trilateral investment contract. The company built and launched a unique machine for making SteelArt, a decorative polymeric coating, and created over 400 new jobs in the process. The local government, in its turn, offers the plant profit, property, and land tax relief options. The contract is valid through 2021.
Magnitogorsk Iron & Steel Works (MMK) purchased a 100% stake in Lysva Metallurgical Plant from Samara-based Insayur for RUB 614m. MMK also assumed the plant’s debts (RUB 5.517bn at the time of purchase).
The stake was sold because Lysva Metallurgical Plant was facing financial difficulties at the time (RUB 1bn in net losses by the end of 2017). The new owner managed to find enough orders for the business, so the plant made RUB 430m in net profit in the first half of 2018 (compared with RUB 275m in net loss in the first half of 2017). The company’s revenues rose by nearly 2.4 times, up to RUB 6.798bn.
The plant made 110,100,000 kg of goods in 2017 and 248,500,000 kg in 2018. The goal is to raise the output by another 20% so that the final figure comes to 300,000,000 kg, Director-General Sergey Dubrovsky said during his meeting with Governor of Perm Territory Maxim Reshetnikov (who visited the plant during his business trip to Lysva).
According to Perm Territory Government’s press service, Sergey Dubrovsky and Governor Reshetnikov also talked about the plant workers’ social welfare package and the plant’s project on Russia’s first special trilateral investment contract. The company built and launched a unique machine for making SteelArt, a decorative polymeric coating, and created over 400 new jobs in the process. The local government, in its turn, offers the plant profit, property, and land tax relief options. The contract is valid through 2021.
Magnitogorsk Iron & Steel Works (MMK) purchased a 100% stake in Lysva Metallurgical Plant from Samara-based Insayur for RUB 614m. MMK also assumed the plant’s debts (RUB 5.517bn at the time of purchase).
The stake was sold because Lysva Metallurgical Plant was facing financial difficulties at the time (RUB 1bn in net losses by the end of 2017). The new owner managed to find enough orders for the business, so the plant made RUB 430m in net profit in the first half of 2018 (compared with RUB 275m in net loss in the first half of 2017). The company’s revenues rose by nearly 2.4 times, up to RUB 6.798bn.
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