INTERNATIONAL STEEL NEWS: Ukrainian steel mill Metinvest declares force majeure to customers.
￭ ABSTRACT: Metivest, Ukraine’s largest steel company, declared force majeure on shipments to its customers on March 1, as Ukrainian authorities declared martial law on February 24.
- “We are sorry to inform our customers that the military blockade of Ukrainian seaports and damage to infrastructure may directly hinder our ability to perform our contracts,” the company statement said.
- In addition, the National Bank of Ukraine has suspended cross-border payments, which could hinder producers’ contractual payments within and outside Ukraine.
- Metivest is Ukraine’s largest steel producer, producing about 40 percent of Ukraine’s steel. Two steel mills (Ilyich and Azovstal) have recently been suspended due to the military conflict, and another major steelmaker, ArcelorMittal Kryviy Rih, which last year produced 23% of Ukraine’s crude oil, said last week it was reducing production to a minimum. Steel, about 4.9 million tons. Most other small and medium-sized producers also choose to reduce production or even stop production.
Source: STEEL MANUFACTURER
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Post time: Mar-02-2022