ArcelorMittal Kriviy Rih, Ukraine-based subsidiary of the world's largest integrated metals and mining company ArcelorMittal, plans in 2010 to invest more that $200 million for the implementation of its modernization projects, the Kommersant-Ukraine newspaper has reported, citing the plant's CEO Jean Jouet.
"After the slowdown in 2009, this year we intend to increase our output, at the same time to continue the modernization projects, and to fulfill our investment obligations, for which we have provided an investment of more than $200 million," Mr. Jouet said.
Meanwhile, the CEO noted that the company's plans may be affected if no solution is found in relation to the VAT refund issue in Ukraine.
As SteelOrbis previously reported, in 2010 ArcelorMittal Kriviy Rih plans to carry out the modernization of its converter shop by installing a new ladle furnace, a new continuous billet caster, and by replacing its gas cleaning units. In 2009, the plant's business plan amounted to $134 million; however, the actual figure fell short of this amount, due to a lack of cash especially in the first half of 2009.