Uzbek Metallurgical Plant to direct over 80 percent of 2012 profits for development

Uzbekistan, Tashkent, June 25 / Trend D. Azizov /

"Uzbek Metallurgical Plant" ("Uzmetkombinat"), the largest enterprise in the Uzbek metallurgical industry, will direct 81.7 percent of its 2012 net profit to plant development, the plant said today.

According to the plant, net profit as of 2012 amounted to 95.836 billion soums compared to 82.4 billion soums in the previous year (an increase of 16.3 percent).

According to a shareholder decision, around 5.8 percent of the net profit is transferred to the reserve fund of the plant, 12.5 percent - for the payment of dividends.

A decision was made to pay 298.4 soums for each preferred and ordinary share with a par value of 3,800 soums each.

It was previously reported that the dividends were paid to the company's shareholders to the amount of 293 soums for each ordinary and preferred share of a par value of 2,839 soums in 2011.

At present, the company's authorized capital is around152.591 billion soums. It is divided into 40.155.778 million shares at a nominal value of 3,800 soums.

Around 72.01 percent of the shares belong to the state, 6.3 percent - the labor collective, 5.01 percent - minority shareholders in the capital structure. A package worth 16.68 percent is wholly owned by the Uzbek National Bank of Foreign Economic Activity, Uzbek "Promavtoinvesttorg", Navoi and Almalyk mining and metallurgical plants.

In 2012, the compay's steel production increased by 0.4 percent - up to 736,300 tons, rolled products - by 0.1 percent to 710,500 tons. In particular, around 177,000 tons of grinding balls (an increase of 2 percent) were shipped to the Uzbek mining and cement companies.

The plant exported products worth $208.3 million in 2012 compared to $ 171 million in the previous year (an increase of 21.8 percent).

Uzmetcombinat is the only ferrous metallurgy company in Central Asia that works with scrap metal. The plant was commissioned in 1956. Previously, it recycled scrap metal coming from all the republics of Central Asia. Currently the company's power isn't fully loaded due to reduced supplies of scrap.

The plant can produce 790,000 tons of steel and 760,000 tons of special iron.

Currently, "Uzmetkombinat" is implementing the production development and modernization program worth $134.7 million for the period until 2016. The modernization program is financed by Uzmetkombinat's own funds.

It is expected that the program's implementation will increase the steel production capacity of the plant by 13.3 percent - up to 850,000 tons, processed scrap metal - by almost 1.8 times to 670,000 tons and reduce electricity costs by 20 percent by 2016.

The official exchange rate is 2.093.10 soums/$ 1 on June 25.

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