: :inin Kyiv (EET)

Ukraine`s largest steelmaker ArcelorMittal Kryviy Rih almost doubles profits in 2016


Ukraine`s largest steelmaker ArcelorMittal Kryviy Rih posted a net profit of UAH 2.7 billion for 2016, which was nearly twice the net profit of UAH 1.38 billion (US$51.348 million) reported in 2015, the company press center told UNIAN.

Net income from the sales of the plant`s products amounted to UAH 52.96 billion, while capital investments stood at UAH 4.75 billion ($176.744 million).

It is also reported that the volume of steel products sales amounted to 6.1 million tonnes in 2016, which is 13% up from 2015.

Earlier, ArcelorMittal Kryviy Rih received a UAH 1.38 billion ($51.348 million) profit in 2015 against a UAH 1.4 billion ($5.209 million) loss in 2014. Net income from sales of products in 2015 was estimated at UAH 46.26 billion ($1.72 billion), while the capital investments were at UAH 5.17 billion ($192.37).

In February 2017, it was reported that ArcelorMittal Kryviy Rih intended to invest some $400 million in the development of the plant in 2017.

Memo. ArcelorMittal Kryviy Rih metallurgical plant, owned by Indian billionaire Lakshmi Mittal, is is Ukraine`s largest integrated steel company and the largest manufacturer of reinforcing bar and wire rod in the former Soviet Union.

The production capacity of a full-cycle steel enterprise is designed for the annual production of over 6 million tonnes of rolled metalware, about 7 million tonnes of steel, and more than 6.7 million tonnes of pig iron.

The key sales markets for the plant`s steel products are the countries of the Middle East, Africa, and Europe.

October 24, 2005, Mittal Steel Corporation acquired 93.02% shares of OJSC Kryvorizhstal at an open tender for UAH 24.2 billion with the starting price at UAH 10 billion. Following that, Kryvorizhstal was renamed Mittal Steel Kryviy Rih, and later — ArcelorMittal Kryviy Rih. ArcelorMittal was established in 2006 by a merger of Luxembourg-based Arcelor and India`s Mittal Steel, owned by Indian businessman Lakshmi Mittal.

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