Metinvest saves $50 million a year due to digitalization projects

The Metinvest Group saves around $50 million a year due to digitalization projects that it implements at its plants.

This was announced by Yuriy Ryzhenkov, Metinvest CEO, during the Steel Success Strategies Online international conference.

He underlined that the Company is actively experimenting with digital technologies allowing better operational efficiency. Digitalization projects within the Group are plant-specific.

“We focused on big data and key processing technologies and are seeking to involve all the stakeholders wherever possible,” said Yuriy Ryzhenkov.

Metinvest Holding implemented a series of pilot projects revealing the Company’s digitalization potential. One of the projects provided a mathematical model of an optimal composition of coal charge for coke production. This resulted in reduction of the cost of coal charge by 1.1%. In yearly terms, this solution enables saving of around $20 million.

Another project provided for using artificial intelligence to control temperature in blast furnaces. The effect of the project was reduction of silicon content in pig iron from 0.65% to 0.50%. This allows annual savings of up to $30 million.

Metinvest Holding is an international, vertically integrated mining & metals company. The Group includes coal, coking, mining, steel and rolling plants in Ukraine, the EU and the U.S.

In 2019, the Company ranked 42nd among the largest steelmakers in the world, and 5th in the CIS.