ArcelorMittal Kryvyi Rih is going to increase investments to $130 million in 2023
Besides, the company plans to export 50% of its products to Europe in 2024
The company points out that even under these conditions, it strives to continue investments, although some projects had to be put on hold.
This was reported by Mauro Longobardo, CEO of ArcelorMittal Kryvyi Rih, in an interview with Forbes Ukraine.
"In 2022, we invested $120 million, in 2023 we plan to put in $130 million. Our big project is the construction of the Third Card tailing dump, which continues without delays. Part of the money for this is provided by the ArcelorMittal group. In addition, in 2022, we managed to attract a loan from the EBRD for $100 million to replenish working capital," the CEO noted.
Before the great war, the company produced about 20-25% of products for Ukraine, which is around 100,000 tonnes per month, from rebar to wire rod. Up to 80% of ArcelorMittal's products were exported by sea to Turkey, Egypt, countries of the Near and Far East, as well as Africa.
"We exported 2-5% of our products to Europe since there were restrictive quotas," Mauro Longobardo pointed out.
The great war cut off regular sales markets: Ukrainian ports were closed for metallurgical products. It is noted that this is one of the company's biggest problems.
"A few months after the start of the war, Europe removed quotas for metallurgical products from Ukraine. We hope that the lifting of limits will continue. We have reoriented towards Europe and completely rebuilt our logistics," Longobardo highlighted.
Background. Earlier, Mind reported that ArcelorMittal Kryvyi Rih was interested in continuing to invest in Ukraine.
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