BAKU, Azerbaijan, May 7
By Ilkin Seyfaddini – Trend:
The net profit of the Uzbekistan Metallurgical Plant (Uzmetkombinat JSC) fell by 37.1 percent in the period from January through March 2020 to $7.5 million, compared to the same period of 2019, Trend reports citing the Uzbek media.
The plant's balance sheet profit for the reporting period decreased by 34 percent to $9 million.
The authorized capital of Uzmetkombinat JSC was formed at the rate of 221.1 billion soum at the expense of placement of 43.3 million common and 906,400 preferred shares with par value of 5,000 soums.
In June 2017, state assets in the amount of 74.11 percent of shares were transferred to the trust management of SFIManagementGroup LLC. In addition, Navoi and Almalyk mining and metallurgical plants, the National Bank for Foreign Economic Activity of Uzbekistan and Avtosanoatinvest LLC hold 3.55 percent each. Individuals account for 10.46 percent of the shares.
The Uzbek Steel Works JSC has established steelmaking production with the capacity of 850,000 tons of steel, rolling production of long products, steel wire and grinding balls - 790,000 tons, non-ferrous metals, in particular, brass and copper strip – 3,000 tons, welding electrodes – 1,200 tons, insulation materials – 10,000.
Since 2018, rolled ferrous metals produced by Uzmetkombinat JSC have been sold to domestic consumers only at the exchange trades of the Uzbek Commodity and Raw Materials Exchange. This applies, among others, to consumers for whom direct contracts and fixed prices were provided.
In early 2017, a memorandum was signed with the Ural Metallurgical Company on the implementation of a project to develop vanadium-containing titanium-magnetite ores at the Tebinbulak deposit in Karakalpakstan with the organization of steel production. The total volume of investments into the project is envisaged in the amount of $1.5 billion.
It provides for the development of an open pit with an annual output of 22 million tons of ore, the construction of a mining and processing plant to produce iron ore concentrate with an average iron content of 85 per cent and a metallurgical complex with an annual capacity of 1.5 million tons of iron.
The Uzbek metallurgical plant was put into operation in 1944. In 1994, as a result of its merger with the Shirinskiy Machine Building Plant and the self-accounting department of Vtorchermet enterprises, it was transformed into Uzmetkombinat JSC.
Uzmetkobinat JSC is the only ferrous metallurgy enterprise in Central Asia.
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