ArcelorMittal Kriviy Rih has been working with losses for the past 11 months because of selling most of its metal products cheaper than the prime cost.
“We’ve been in the red since September 2014”, said the company CEO Paramjit Kahlon, explaining it by the considerable fall of the world metal prices and the high cost of its manufacture.
“In 2015 metal prices have fallen to the minimum for the last 20 years”, he stressed.
In July the works was selling billets at $270 per ton, and at $235 per ton in October, while its prime cost at AMKR is $300 per ton, though around $200 at other ArcelorMittal companies.
At the same time, in July 2014 the company was still working with profit, selling billets at $510 per ton. (Ukrainian metal)