Business news from Ukraine

“ArcelorMittal” loses more than $1 million day from war, but believes in Ukraine’s future

5 February , 2023  

ArcelorMittal remains committed to Ukraine and believes in its future, despite the huge difficulties in the work of its own mining and smelting plant, ArcelorMittal Krivoy Rog (AMKR), caused by full-scale armed aggression of Russia, said Vijay Goyal, ArcelorMittal executive vice president and CEO of ArcelorMittal CIS.
“Every day we lose more than $1 million. 10% of our staff is at war, 67 people died defending the country… But I not only hope, but I believe that we will come out victorious. We are willing, able and ready to rebuild,” he said at a business forum on the rapid reconstruction of Ukraine in Luxembourg organized by the Ukrainian-Luxembourg Business Club.
ArcelorMittal board member Michel Wurth noted that since buying Krivorozhstal in a privatization tender in 2005, more than $10 billion has been invested in Ukraine in total, and in 2021 the plant, which employs 26,000 people, was a record producer.
“We remain committed to Ukraine, to its people, and we plan to participate in the rebuilding of Ukraine as quickly as possible,” he stressed
Goyal noted that the management and staff of AMKR set an incredible example of indestructibility, organizing the work of the enterprise during blackouts, without access to the Black Sea ports, during shelling.
According to him, ArcelorMittal counts on the high quality of state administration after the war, continued anti-corruption efforts, efficient infrastructure, as well as the provision of security conditions given the large number of weapons in the country.
For its part, he said, the company is exploring all opportunities to better integrate AMKR into the global market and bring new technologies to Ukraine.
For his part, Wurth added that the issue of public-private partnerships and attracting financing remains important.
“ArcelorMittal Kryvyi Rih is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular rebar and wire rod.
ArcelorMittal owns in Ukraine the largest mining and metallurgical plant “ArcelorMittal Krivoy Rog” and a number of small companies, in particular PJSC “ArcelorMittal Beryslav”.