The Georgian manganese trading company Steel International Trading Company LLC has published its financial report for 2021. The document says that during the last year the company increased its revenue by GEL 546 million to GEL 710 million. The profitability of the company improved dramatically, and instead of the existing GEL 39-million loss in 2020, the company recorded a net profit of GEL 233 million.
According to the financial report, the main activity of the company is trade in ferro-silico-manganese, coke and coal.
Steel International Trading Company LLC (hereinafter - the company) was established in 2018 in accordance with the legislation of Georgia. The owner of 100% of the company's capital is Giorgi Chelidze.
Currently, the group is one of the fastest growing trading companies in Georgia. The group plans to expand its trading product portfolio and increase revenues. The company plans to increase coal production in September 2022, in particular, extraction of ordinary coal up to 30 thousand tons. The key market will include mainly two Georgian enterprises: GM and Heidelberg, as well as other small enterprises," - the company's financial report reads.
Since September 2019, the company owns the only coal mining company in the country, Saknakhshiri.
The company's revenues are distributed according to the products sold as follows:
Ferro-silico-manganese - GEL 489 million
Coke - GEL 148.1 million
Coal - GEL 24.7 million
Fuel - GEL 14.7 million
Other - GEL 33.6 million.
The financial report clarifies that Steel International Trading Company LLC has granted a loan of GEL 126 million to Georgian Manganese. The assets of the company amount to GEL 479 million, while the liabilities - to GEL 325 million.
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