OREANDA-NEWS. June 06, 2008. Taxes and duties grew in 2007 by 69,3%, earnings by 39,2%, EBITDA — by 48%, and net profit - by 55,4% year on year, reported the press-centre of SCM.

This information was revealed to the media by Metinvest senior management at the press-conference on company's performance in 2007.

Along with production and financial performance, social projects remain one of major priorities of company's development.

According to Igor Syry, the year 2007 launched a number of projects to improve health and safety level. As a result, all enterprises of the Iron Ore Division, as well as Krasnodonugol, Khartsyzsk Pipe Plant, and Yenakiyevo Metal Plant received certificates of compliance with the international health and safety standard OHSAS 1800.

"We care for the safety and good salary of each employee", - said Igor Syry. - In 2007, the salary of our employees remained one of the highest in industry. Salaries at enterprises of the Iron Ore Division and Coal and Coke Division went up by 33%, while in the Steel and Rolled Products Division they grew by 25%. For example, the average salary in SevGOK and CGOK in April made almost UAH 2700, and the average April salary in Azovstal exceeded UAH 3,000.

CEO Igor Syry told to the journalists at the press-conference that the last year saw Metinvest implement a number of the most important strategic projects. It helped boost assets and almost double their capitalization.

It was reported at the conference on 6 June, 2007 that the major focus of Metinvest for 2007 included entering international capital markets by the holding, as well as achieving higher effectiveness by metal enterprises of the company.

"Today we have reached the final stage of the procedure that will award Metinvest with a credit rating", said Mr Syry. "Not only will it help raise funds on more favourable conditions by the managing company, but will serve as an international prove of our transparency and effectiveness for the shareholders and potential investors".

The CEO of Metinvest Igor Syry said at the press-conference that the list of the most important projects in 2007 included a transaction to raise funds that will be allocated on Metinvest development: "We managed to raise USD 1,5 bn to develop our company. This was the biggest transaction of such kind in Ukraine. We managed to launch a number of big investment projects at Group's enterprises, complete restructuring and rebrand sales department in Steel and Rolled Metal Division. Also, in 2007 year Metinvest was the biggest tax-payer in Ukraine - almost UAH 5,4 billion of taxes".

As to the European development prospects of Metinvest, Mr Syry said that acquisition of two steel mills in Europe - Trametal in Italy and Spartan in the UK - obviously, had contributed to successful realization of the 2007 plans. Today European businesses of Metinvest produce over 1m tonnes of rolled plate on the EU market annually. Metinvest ranks among top three leading plate producers in Europe.

"We are extremely proud of the agreements we have reached", said the CEO of Metinvest. — Improving our positions in Europe is vital for the growth of the Ukrainian economy, increase of the level of its economic security, and improvement of positions of the national mining and metal industry.

Sergey Novikov, CFO of the company, told journalists that consolidated team work had already generated results. The focus of 2007 was to ensure financial sustainability (IFRS, etc.) and integrate production and sales horizontally. The results speak for themselves: earnings in 2007 grew by 39,2%, EBITDA - 48%, net profit - by 55,4%, and taxes and duties - by 69,3%.