ArcelorMittal Kriviy Rih, Ukraine-based subsidiary of the world's largest integrated metals and mining company ArcelorMittal, has started the construction of a new 1.2 million capacity continuous billet caster and plans to commission it in the fourth quarter of 2011, the plant's CEO Jean Jouet said at a press conference in Kiev on Tuesday, March 16. The investments in the project will amount to about $100 million.
In addition, in 2010 ArcelorMittal Kriviy Rih plans to complete capital repairs at its blast furnace No.6, which were started in January this year but later suspended due to lack of funds, in particular due to the non-refunding of VAT.
Mr. Jouet also stated that the company plans to decrease its gas consumption in the long-term perspective.
As SteelOrbis previously reported, in 2010 ArcelorMittal Kriviy Rih plans to invest more than UAH 1.7 billion ($213 million) in the implementation of its modernization projects.