ArcelorMittal Kryvyi Rih, Ukrainian subsidiary of global steelmaker ArcelorMittal, has announced its financial results for 2016. The company has posted a net profit of UAH 2.70 billion ($100.55 million) for the year in question, compared to a net profit of UAH 1.38 billion in 2015. In the given period, the company's revenues amounted to UAH 52.96 billion ($1.97 billion), up 14.5 percent year on year.
In 2016, ArcelorMittal Kryvyi Rih produced seven million mt of crude steel, up 11 percent, while the company's rolled steel output was 5.5 million mt, rising 3.7 percent, both compared to the previous year. In the given year, the company’s steel sales totaled 6.1 million mt, increasing by 13 percent compared to 2015.
ArcelorMittal Kryvyi Rih stated that in the current year it will invest $400 million in the modernization of production, improvement of the environment, capital repairs of equipment and construction of new units, while its total investments will amount to $1.2-1.5 billion in the period up to 2020. Last year, the company’s investments within the scope of its modernization program amounted to approximately $233.55 million.