ArcelorMittal Kryvyi Rih has announced a decrease in output due to the worsening of the market situation.
The company has faced a number of serious challenges, among which are a drop of global iron ore prices, stagnation of European markets and high electricity prices in Ukraine.
Decrease in output will not result in personnel firing. People will be attracted to repair work, security and arranging the territory.
“Unfortunately, iron ore prices have fallen below prime cost of its transportation to sales markets, which has made exports unprofitable,” the company said.
In October-December, AMKR intends to operate with one blast furnace only (blast furnace No. 8), but with 2-3 sintering machines, depending on the need. The converter shop and the continuous casting machine will be shut down for 45 days for capital repairs. Pig iron will be produced in blast furnace shops. (Ukrainian metal)