ArcelorMittal Kryvyi Rih Posts UAH 49 Billion Loss For 2022

The ArcelorMittal Kryvyi Rih Mining and Metallurgical Plant (Dnipropetrovsk Region) finished 2022 with a loss of UAH 49 billion.

This is stated in the message of the enterprise, Ukrainian News Agency reports.

"In accordance with international financial reporting standards, in 2022, the company recognized UAH 36 billion of losses from reducing the usefulness of its non-current assets due to negative changes in the economic environment caused by Russian military aggression. In a full-scale war in 2022, the level of utilization of ArcelorMittal Kryvyi Rih production facilities did not exceed 20-25%... The company does not stop investing even in super-difficult wartime conditions. Now those investment projects are being introduced, without the implementation of which steel production and ore production can stop completely. Among these is the construction of a new Third Card tailings storage facility, which is necessary for continued production and safe storage of production waste," said Mauro Longobardo, Chief Executive Officer of ArcelorMittal Kryvyi Rih.

In 2022, ArcelorMittal Kryvyi Rih invested USD 181.4 million in the development of production.

Of these, operating expenses were USD 68.6 million and capital expenses were USD 112.8 million.

As Ukrainian News Agency earlier reported, in 2022, the ArcelorMittal Kryvyi Rih mining and metallurgical plant reduced steel production 4.1 times or by 3.72 million tons year over year to 1.2 million tons.

A total of 95.1283% of the plant's shares belong to Mittal Steel Germany GmbH, which is part of the ArcelorMittal international holding.

ArcelorMittal Kryvyi Rih is the largest producer of rolled steel in Ukraine, specializing in the production of long rolled products, in particular fittings and wire rods.