State Property Fund of Ukraine (SPFU) has confirmed the fulfillment of investment obligations by ArcelorMittal Duisburg Beteiligungsgesellschaft mbH (owner of 95.13% shares of ArcelorMittal Kriviy Rih) in 2016 according to Sale and Purchase Agreement. SPFU conducted the inspection at ArcelorMittal Kriviy Rih on February 7-10. This is the 18th inspection of SPFU conducted directly at ArcelorMittal Kriviy Rih since the moment of privatization of the plant.
In 2016 ArcelorMittal Kriviy Rih continued completely assuring of fulfillment of social investment (salary payment, social assurance, medical care) according to Collective Agreement of the plant. Inspections of State Property Fund of Ukraine are the main instrument of governmental control for investment obligations fulfillment by the plant after the privatization. SPFU controls the fulfillment by ArcelorMittal Duisburg Beteiligungsgesellschaft mbH as for its obligations, set by the Agreement by means of conducting the annual inspections of ArcelorMittal Kriviy Rih activities.
During the inspection the State Property Fund of Ukraine reviews the financial and statistic documentation of AMKR and other documents confirming real fulfillment by the company and ArcelorMittal Kriviy Rih of corresponding obligations, provided with the Agreement. Also SPFU performs the examination of constructed objects, meets with the management of the plant. According to the inspection’s results as for the fulfillment of Agreement’s conditions the report is signed by State Property Fund of Ukraine, company and ArcelorMittal Kriviy Rih. Checking report indicates information for the status of obligations fulfillment according to the Agreement. State Property Fund of Ukraine discontinues supervision over those obligations, the fulfillment of which is confirmed by the report.
The amount of $4.8 billion paid to the state for transparent privatization of the company was the biggest at that time for Ukraine and it is still so. ArcelorMittal Group took huge investment commitments in economic, production, environmental and social areas. By 2020 ArcelorMittal company will have additionally invested $1.2-1.5 billion in development of ArcelorMittal Kriviy Rih. (AMKR/Ukrainian metal)