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News

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On ZTMC replaced CEO

Minister of Industrial Policy Dmitry Kolesnikov presented to the staff of the state enterprise «Zaporozhye Titanium-Magnesium Plant» (ZTMC) new leader. They became Pecheritsa Constantine, who also is the general manager of «Titan Trade», a leading commercial activities ZTMC, as well as the deputy of Zaporizhzhya Regional Council.

Kolesnikov said that the change in leadership is a «forced and emergency» measure, because the company did not provide promising directions for development. The Minister also noted that the Acting Director General of the plant has two higher education qualifications economist and engineer, metallurgist, worked for ZTMC commercial director.

In 2009, the Ukrainian Cabinet restructured debt ZTMC to OAO «Zaporizhiaoblenergo» 100 million UAH ($ 12.5 million) for two years. In April 2009, the government decided to allocate UAH 80 million ($ 10 million) for the purchase of state reserves of titanium sponge in ZTMC. In March 2009, the government allowed to revise the electricity tariff for ZTMC monthly, depending on the value of its products in international markets. However, this benefit did not work due to the unresolved question of the debts for electricity.

ZTMC — the only producer of titanium sponge in the Ukraine. The design capacity of the enterprise — 20 thousand tons per year, in 2008 the net profit of UAH 97.731 million.

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