According to Mr. Rinat Starkov, CEO of ArcelorMittal Kriviy Rih, the company saw its net profit in 2010 increase to UAH 1.2 billion from a net loss of about UAH 120 million registered in 2009.
Mr. Starkov said that the gross profit of the company in 2010 went up by 147% YoY to UAH 4.43 billion. The amount of capital investment by ArcelorMittal Kriviy Rih rose to UAH 1.738 billion in 2010.
In 2010 ArcelorMittal Kriviy Rih’s steel output went up by 21.7% YoY to 6.133 million tons, while its steel product deliveries increased to 5.368 million tons, up from 4.436 million tons in 2009. About 85% of its deliveries were directed to the export markets with shipments carried out to 60 countries.
Mr. Starkov said that in 2011 ArcelorMittal Kriviy Rih plans to increase its steel product output by 6% YoY, which corresponds to the growth in the export markets, while its profit is expected to grow by 10%. Also, the steelmaker is set to increase the amount of capital investment for the modernization of its production in 2011, which includes the commissioning of its continuous caster in October.
He said that the most critical issue for ArcelorMittal Kriviy Rih in 2010 was the money owed to the company by Ukraine in terms of unpaid VAT reimbursements. Over the past year, the money owed to the company by the state increased by about UAH 300 million each month. (SteelOrbis)