ArcelorMittal Kryvyi Rih, Ukrainian subsidiary of global steelmaker ArcelorMittal, has announced its financial results for 2015. The company has posted a net profit of UAH 1.38 billion ($52.87 million) for the year in question, compared to a net loss of UAH 1.18 billion in 2014. In the given period, the company's revenues amounted to UAH 46.26 billion ($1.77 billion), up 26 percent year on year.
ArcelorMittal Kryvyi Rih stated that, as a result of the management’s focus on business improvement resulting in cost improvement as well as deferred tax gain, the company managed to improve its results as compared to 2014. The company also implemented key investment projects that will help it to be more cost-competent in the years to come and will also give the possibility to maintain or increase its steel output. According to the company’s CEO Paramjit Kahlon’s, up to 2020 ArcelorMittal will additionally invest $1.2 billion in implementation of the ambitious investment programs of ArcelorMittal Kryvyi Rih, and many of the key investment projects will continue in the current year to keep moving the whole plant towards overall modernization.