ArcelorMittal Kryvyi Rih, the biggest mining and metallurgical plant in Ukraine controlled by global steel and mining giant ArcelorMittal, will invest $400mn in the development of the plant in 2017.
"The company will invest funds in modernisation of production, improvement of the environment, capital repairs of equipment and construction of new units, including the second LF-CC [Ladle Furnace Continuous Caster] and coke oven batteries," the Ukrainian unit, based in the Dnipro region, said in a statement on February 20.
According to the company, the main tasks of the investment programme of ArcelorMittal Kryvyi Rih at this stage are to increase productivity, replace obsolete equipment with new and environmentally friendly equipment, decrease air pollution and improve the environment in Kryvyi Rih city and surrounding region.
"Those volumes of funds we are investing in development of the plant in Ukraine once again confirm not only fulfillment of our obligations taken with the purchase of the plant, but also our commitment to completely modernise this plant by 2020," Paramjit Kahlon, ArcelorMittal Kryvyi Rih CEO, said in the statement.
ArcelorMittal Kryvyi Rih is one of the biggest rolled steel producers in Ukraine, which specialises in rebar and wire rod from ordinary and light alloyed steels, as well as sinter, concentrate, coke, pig iron, steel, section and shape rolled products. Activity of the plant covers the entire production chain from iron ore mining to finished metal products.
In 2015, the plant produced 5.5mn tonnes of pig iron, 6.3mn tonnes of steel and 5.3mn tonnes of rolled products.
Ukraine’s Naftogaz will purchase 100mn cubic metres of LNG from Poland’s Orlen, Ukraine’s biggest state-owned energy firm announced on March 7. The LNG will be transported from cargoes ... more
Ukrainian President Volodymyr Zelenskiy revealed the Armed Forces of Ukraine (AFU) losses as 45,100 service members killed in action (KIA) and 390,000 wounded in action (WIA) in a rare comment on the ... more
The possibility of deploying a European peacekeeping contingent to Ukraine during a potential ceasefire is shifting from being an unthinkable idea to one that is being actively discussed, according ... more