This year, ArcelorMittal Kriviy Rih intends to increase investments to $130 million.
Moreover, in 2024, the company plans to export 50% of its products to Europe.
“In 2022, we invested $120 million, and in 2023 we plan to invest $130 million. Our grand project is the construction of the third card tailings, which is ongoing without delays. A part of the funds will be provided by the ArcelorMittal group. Last year we received a loan from EBRD for $100 million,” AMKR CEO Mauro Longobardo has said.
Before the Russian invasion the company made around 20-25% of products for Ukraine, or some 100 thousand tons per month, from rebars to rolled wire. Up to 80% was exported via the Black Sea to Turkey, Egypt and the countries of the Near and Far East and Africa.
“We exported 2-5% of our products to Europe, as limiting quotas were in place,” Longobardo added.
The Russian invasion cut off traditional sales markets – Ukrainian ports were closed for metal products, and that became one of the largest problems for the company.
“In a couple of months after the start of the war, Europe cancelled quotas for metal products from Ukraine. We hope that the removal of limits will continue. We have reoriented to Europe and completely restructured our logistics,” the CEO said. (Ukrainian metal)