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ArcelorMittal confirms plans for further investments of $1 bln in Kryvyi Rih mining and metallurgical plant
KYIV. Oct 28 (Interfax-Ukraine) – The management of one of the world’s leading metallurgical companies, ArcelorMittal, confirms its intention to direct additional investments of $1 billion in the development of Kryvyi Rih mining and metallurgical plant of PJSC ArcelorMittal Kryvyi Rih (Dnipropetrovsk region).
According to Executive Chairman of the board of directors of ArcelorMittal Lakshmi Mittal, quoted by ArcelorMittal Kryvyi Rih corporate newspaper Metallurg on Thursday, over $5 billion has been invested in modernizing ArcelorMittal Kryvyi Rih since 2005.
"Additionally, we plan to invest a further $1 billion to improve the quality, efficiency and environmental performance of the Kryvyi Rih plant and position it for long-term, sustainable success," Mittal said in an address to the company’s employees on the eve of the 16th anniversary of ArcelorMittal’s operations in Ukraine. He also said that ArcelorMittal Kryvyi Rih is one of the largest steelaking businesses in the Group and an important strategic asset.
In turn, according to Vice President of ArcelorMittal, CEO of ArcelorMittal CIS Vijay Goyal, ArcelorMittal has defined ArcelorMittal Kryvyi Rih strategy, which focuses on four aspects: improving competitiveness through low costs, strategic organic business growth, maintaining financial performance at a high level and regular dividend payments to investors. The strategy also focuses on sustainable development, which prioritizes health and safety, decarbonization, inclusiveness and equal opportunity.
"ArcelorMittal Kryvyi Rih is a strategic asset covering Ukraine, the Black Sea region, the Middle East, and North/East/West Africa with a portfolio of long products. It is one of the largest steelmaking assets in the group, the advantage of which is vertical integration and low-cost production," Goyal said, adding that the company has made significant investments in the economic development of the plant and Ukraine and does not plan to stop.
At the same time, he pointed to the existence of unfounded accusations against ArcelorMittal Kryvyi Rih.
"ArcelorMittal Kryvyi Rih fully complies with the requirements established by law and regulations. As a mining and metals company, we recognize that inspections are normal. But we are often the target of unfounded allegations, such as the infamous ‘ecocide’ case," the CEO said.
According to him, the company intends to cooperate with the authorities and wants to find points of contact that will ultimately benefit both the enterprise and the local community and the country’s economic development.
At the same time, he acknowledged that the steelmaking process still has a significant carbon footprint, especially where outdated equipment and technologies are used.
"We understand that our stakeholders in Ukraine, as well as us, are very concerned about environmental issues. Our global goal is to produce steel using green technologies and achieve zero carbon emissions by 2050, while remaining commercially competitive," the CEO of ArcelorMittal CIS said.
ArcelorMittal Kryvyi Rih is the largest manufacturer of rolled steel in Ukraine. It specializes in production of long products, in particular, rebar and wire rod.
