As reported late last week, the European Bank for Reconstruction and Development will provide a $100 million loan to Ukrainian steel producer ArcelorMittal Kryvyi Rih “for financing of the working capital needs of the company to ensure the continuity of operations in Ukraine,” according to the official statement from the bank.
As reported earlier, in late November AMKR was forced to temporarily stop operations at most of its production facilities due to problems with energy supply after a massive wave of missile attacks by Russia on Ukrainian infrastructure. At the moment, the producer is operating one blast furnace out of four. “A key aspect of the ongoing investment programme is to upgrade the sinter plant and construct new facilities with the closure of the old metallurgical sinter line... The modernization has significant carbon emission reductions and will bring the plant towards international benchmarks for carbon emissions. Avoided carbon emissions were estimated at 800,000 tons CO2 eq/y. This investment process is ongoing, with work on sinter lines in place as well as air abatement facilities. However, some of the investments planned for 2022-3 have been delayed due to the ongoing war and proximity of conflict,” the bank said in its report.
In September this year, the company’s CEO Mauro Longobardo said that the company may consider a shutdown of its facilities due to Russia's ongoing blockade of Ukrainian ports and the unfavourable situation in the global steel market.