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Neman River in spring
Neman River in spring
Main / News / Republic
18 October 2021

Belarusian steel mill BMZ posts $170m in profits year to date

Фота з архіва

The profits of the Belarusian steel mill BMZ since the beginning of the year amounted to $170 million, BMZ Director General Dmitry Korchik told the STV TV channel on 17 October, BelTA informs.

“In January-September, the export of metal products in monetary terms increased 1.5 times, foreign currency revenue also rose 1.5 times. In August our monthly revenue was nearly record high - $180 million. We operate with a net profit: over the nine months our profits approximated $170 million. The return on sales is positive, accounts payable are reducing,” Dmitry Korchik said.

At the same time he admitted that 2020 was a very challenging year for the company because of the pandemic and consequently tough lockdowns in the European Union when the main consumers of BMZ products put their production on hold. “This seriously affected financial flows and orders. We had to adjust the schedule of work. Thanks to the professionalism and understanding of the entire team of the company, we managed to survive this year,” Dmitry Korchik said. As for the sanctions, he noted that due to certain actions taken by BMZ clients, the enterprise did not fall under the sanctions.

The Belarusian steel mill continues to implement the project to renovate a dust and gas collection unit. According to the director general, the project will improve the environmental situation both at the enterprise and in the region. “It is very relevant taking into account the fact that the European Union is considering the introduction of environmental duties specifically for producers of metallurgical products,” he said.

BMZ is a high-tech Belarusian metallurgical enterprise. It comprises infrastructure shops and four manufacturing divisions connected by one technological chain. The divisions focus on steel smelting, mill products, pipe products, hardware items. BMZ exports more than 80% of its output every year.

Source: БелТА