Prices for ore and metal products have peaked,

 Yury Ryzhenkov, general director of Metinvest, Ukraine’s largest integrated metals company, told reporters yesterday at a press conference marking the company’s 15th anniversary. “Prices peaked at the end of May-June,” he said. “Now we are already seeing a decline in the market price for ore and metallurgical products. Most likely, the decline in prices for metallurgy will continue in the coming months.”

The new mill would be a vote of confidence in Mariupol, a city located 30 km west of the front lines and a step toward Metinvest’s target: ‘carbon neutral’ by 2050.

“This is the direction that we are going,” he said. “We have an idea to build a new plant based on hydrogen metallurgy.” Challenging Ukraine’s metallurgy to modernize, he said: “Today, we see an opportunity to declare, like the European Union itself, that we can be carbon neutral by 2050. This is absolutely real for Ukraine, for Ukrainian steelmaking.”

Metinvest, Ukraine’s largest private company saw its EBITDA increase almost four times in the first quarter yoy, to nearly $1.5 billion

. Rising high iron and steel prices, saw revenues in the vertically integrated steel company increase by 43% yoy, to $3.6 billion. In a sign that the world recovery is spreading beyond China, sales to Europe increased by 10% yoy to 1.48 million tons. Prices continued to rise in March, compared to February: +11% for pig iron; +9% for slabs and flat products; +1% for billets.