Ural Mining and Metallurgical Company (UMMC or UGMK,, abbreviated in “Угмк”) is a Russian metallurgical company based in Verkhnyaya Pyshma. It is the second largest copper producer in Russia.
The holding company was formed around joint-stock company Uralelektromed in 1999. The main owner of the company is Uzbek billionaire Iskander Makhmudov. The president of the company is Andrew Kozitsin.
The company owns about 50 companies located throughout Russia.[1] In 2022, the company's revenue amounted to 299 billion rubles.[2]
Community relations
UMMC has helped the city of Yekaterinburg. For example, at the end of 2013, UMMC worked on a deal to help secure the city's debt liabilities with the bank Gazprombank.[3] Other companies giving funds along with UMMC include JSFC Sistema, Sibur, RusHydro, and Inter RAO UES.[4]
Education
Russia's Office of Early Childhood Education tasked UMMC Telecom in 2013 with connecting all kindergartens to the internet. Specifically, UMMC Telecom will connect kindergartens in Pyshma, an area near Yekaterinburg.[5]
In September 2013, UMMC donated $250,000 to kindergartens in the Krasnouralsk area. The donations were intended to help buy food and maintenance.[6]
Healthcare
UMMC created the “Children of Russia” project. UMMC launched a pilot for the program in the Sverdlovsk oblast. The program serves kids who have serious and numerous health disorders.
Job training
UMMC partnered with the Moscow State Institute of International Relations in 2013 to educate and train people in international transportation, in the hope that the training will satisfy UMMC's employment needs while offering new jobs to local people. UMMC runs a college and training institution known as the Technical University of UMMC
Company
Financials
Net profit of the company for 2011 was 8.9 billion rubles, which was up from 3.2 billion rubles in 2010.[1]
According to Russia & CIS Business & Financial Daily, the company might budget approximately 60 billion rubles in 2013 for investments. The company's general director, Andrei Kozitsyn, said, "We're signing contracts for next year, and have started budgeting. The average copper prices will be around $8,000 a tonne in 2012. We're hoping it stays at that level next year. We're also planning the same investment program as this year - 60 billion rubles."[13]
UMMC plans to increase coal output to 50,600,000 tons by the year 2016. The company also plans to invest 63 billion rubles in raw materials.[14]
In September 2012, copper smelting company OJSC Uralelectromed, an enterprise owned by UMMC, approved $2.05 billion worth of guarantees for loans for UMMC Holdings, which manages UMMC's assets.[15]
Subsidiaries
Mining
UMMC owns 24 companies that do mining and processing. UMMC has 138 licenses to mine and explore subsurface mineral resources.[29]
Subsidiaries of UMMC within the mining industry include Uralelektromed, Mednogorsk Copper-Sulphur Combine, Svyatogor, the Sredneuralsk Copper Smelter, Gaisky and Uchalinsky GOKs.[30]
Chelyabinsk Zinc Plant
UMMC, CJSC Russkaya Mednaya Kompaniya (RMK), and other investors own Chelyabinsk Zinc Plant (CZP). CZP is the biggest Russian producer of high-grade zinc and zinc alloys.[31]
Kuzbassrazrezugol
External links
References
- "M&A: FAS Refused to Satisfy Ural Mining and Metallurgical Company’s Application for Acquisition of Revda Non-Ferrous Metals Processing Works" AK&M Online News (English), 8 Oct 2012^
- ОАО "Уральская Горно-Металлургическая Компания", ОАО "УГМК" www.rusprofile.ru, retrieved 2023-10-27^
- "UMMC to hold EGM," SKRIN Market & Corporate News. 10 December 2013. Retrieved 19 December 2013 through Nexis.^