The world's largest steel producer Arcelor Mittal has announced the change of name of its Ukrainian subsidiary to Arcelor Mittal Kriviy Rih, in addition to a massive investment program aimed for the development of its Ukrainian mill.
Under the investment program the company is to dismantle blast furnace No. 8, to repair coke battery No. 2 and to introduce gas saving technology at its Ukrainian subsidiary.
In addition, Arcelor Mittal is planning to invest approximately UAH 7.5 billion ($1.5 billion) in the modernization of Arcelor Mittal Kriviy Rih production by 2010. In particular, the company intends to switch from the open-hearth to the converter method in crude steel production and to replace bloom casting with a continuous slab caster.