Qarmet to increase metallurgy production by 13%

Qarmet to increase metallurgy production by 13%

The Kazakh company Qarmet, formerly known as the Arcelormittal Temirtau metallurgical enterprise, plans to increase its metallurgy production by 13% in 2024, and reduce coal production by 2%. This was stated by Vadim Basin, CEO of the company, at the Qarmet strategic session, which is taking place in Temirtau.

According to Basin, they expect an increase in metallurgical production to 3.3 million tons, and iron ore concentrate to 2.5 million tons, which is an increase of 13% and 10%, respectively. However, the volume of coal production is planned to be reduced by 2%. The director noted that the company had negative production figures in 2023, but is now striving to achieve a positive result.

In December 2023, the Kazakh state fund Qazaqstan Investment Corporation acquired shares in the metallurgical enterprise Arcelormittal Temirtau and renamed it Qarmet. Andrey Lavrentiev, an entrepreneur and Chairman of the Board of Directors of JSC Allur Group of Companies, became a new investor. The deal cost $286 million. Previously, Arcelormittal Temirtau was the largest mining and metallurgical enterprise in Kazakhstan and was part of the Arcelormittal Group.

In October 2023, an accident occurred at the Kostenko mine owned by Arcelormittal Temirtau in Karaganda, as a result of which 46 people died. President of Kazakhstan Kassym-Jomart Tokayev ordered the government to terminate investment cooperation with Arcelormittal Temirtau after this incident.

16.01.2024 18:33
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