The The ArcelorMittal Kryvyi Rih mining and steel company (Dnipropetrovsk region) made a net profit of UAH 1.38 billion in 2015, compared with a net loss of UAH 1.18 billion in 2014, the Interfax Ukraine news agency reports.
According to the press service of the company, the company’s net sales revenue amounted to UAH 46.26 billion USD while its capital investments amounted to UAH 5.17 billion in 2015.
In 2014, ArcelorMittal Kryvyi Rih’s net revenue amounted to UAH 36.74 billion.
"2015 was extremely tough for the mining and steel industry and we were not except from its impact. Sale prices of iron-ore concentrate and finished steel products fell by over 50 % in 2015. in the case of concentrate, the fall was over three times. The devaluation of the ruble worsened the situation further. However, as a result of the management’s focus on business improvement, which resulted in cost reductions (including the benefits of the recently concluded CAPEX projects), as well as because of one-time items and deferred tax gain, the company managed to improve its results as compare to 2014," the press service quoted ArcelorMittal Kryvyi Rih’s CEO Paramjit Kahlon as saying.
According to Kahlon, the company overcame numerous challenges, implemented key investment projects that will certainly help it to be more cost competitive in years to come, as well as allow it to maintain or increase its steel output.
"By 2020, the ArcelorMittal company will additionally invest USD 1.2 billion in implementation of PJSC ArcelorMittal Kryvyi Rih’s ambitious investment program, which combines all the key areas of the company’s operations: health and safety, production, and environment. Many key investment projects will continue in 2016 to keep moving the whole plant towards overall modernization,” Kahlon is quoted as saying
ArcelorMittal Kryvyi Rih is the largest producer of rolled products in Ukraine. It specializes in production of elongated rolled products, including steel reinforcing bars and iron rods.
ArcelorMittal owns ArcelorMittal Kryvyi Rih, which is the largest mining and steel plant in Ukraine, and a number of smaller companies, including PJSC ArcelorMittal Berislav.
The Mittal Steel Corporation bought 93.02% of the Kryvorizhstal steel plant for UAH 24.2 billion in open competition on 24 October 2005. The starting price was UAH 10 billion. Kryvorizhstal was then renamed Mittal Steel Kryvyi Rih and later renamed ArcelorMittal Kryvyi Rih.
According to information from the company, Arcelor Mittal Duisburg GmbH (Germany) owns 95.128% of its shares.
The company’s authorized capital amounts to UAH 3.859533 million.
