It is reported that ArcelorMittal, the world’s largest steel producer, plans to invest $200 million to modernize and boost efficiency at its Ukrainian steel mill in 2010.
Mr. Jean Jouet, CEO for ArcelorMittal Kriviy Rih, said these plans could be derailed if the company continued to struggle in receiving value added tax refunds from Ukraine cash-strapped government on time and in full.
He said that “After the slowdown in 2009, we intend to increase our output, to continue the modernization projects and to fulfill our investment obligations, for which we have provided an investment of more than $200 million.”
ArcelorMittal Kryviy Rih, the group’s Ukrainian subsidiary which owns and manages Ukraine’s largest steel mill, plans to carry out the modernization of its converter shop by installing a new ladle furnace, a new continuous billet caster and by replacing its gas cleaning units. (Kiyv Post)