Ukraine's biggest steelmaker vows to never work under Russian occupation

• Metinvest, Ukraine's leading steelmaker, vows that it will never work under Russian occupation.
• The company is controlled by Rinat Akhmetov – the country's richest man.

Ukraine's biggest steelmaker Metinvest vowed on Friday that it will never work under Russian occupation.

Reuters reported the news, citing a company statement, which was sent to the agency: "We believe in the victory of Ukraine and plan to resume production after the end of hostilities. Metinvest's metallurgical enterprises will never operate under Russian occupation," the statement said.

Per Reuters, the company also said that more than a third of Ukraine's metallurgy production capacity was out of service due to the siege of Mariupol.

"The country has therefore lost 30-40% of its metallurgical production capacity since the plants are not working. We have no doubt that their work will be resumed, but for this Mariupol must remain Ukrainian," the statement added, according to Reuters.

Metinvest is Ukraine's leading steelmaker, according to data published by Statista in September 2021. The company is controlled by Rinat Akhmetov, the country's richest man, who has a net worth of $3.9 billion, according to Forbes.

The company added that it had no way of gauging damages at present, due to the fighting taking place.

In a previous statement, which was released on their website Tuesday, the company said: "Assets in Avdiivka and Mariupol have reportedly sustained further damage from hostilities in the cities where they are located."

It added: "Until the active stage of the Russian military aggression is stopped and reliable communications channels with the plants are re-established, it is not possible to assess its impact on the Group's plants."

Metinvest did not immediately respond to Insider's request for comment made outside of normal working hours.

A week before the war broke out, the company had planned to invest $1.2 billion in Ukraine in the modernization of its enterprises and sought to raise its workers' salaries from March 1.

In a previous report, Reuters said Metinvest produced about 40 million tonnes of iron ore a year and that Ukraine is among Europe's top suppliers.

Insider reported that Ukraine said between 2,500 to 3,000 of its troops have been killed, while Russia's troop death toll was 19,000.