The Ukrainian steel producer Ilyich Iron and Steel Works of Mariupol (Ilyich) may be forced to shut down its production starting from April 1 as a result of the 68 percent increase in the iron ore price, the mill's deputy director Mr. Valeriy Merkulov has stated.
Mr. Merkulov said that if the prices for Metinvest's iron ore rise by 68 percent as the latter has stated, it will not be economically beneficial for the mill to continue working.
At the beginning of the current year, Metinvest and Ilyich agreed on long-term supplies of iron ore, under which Metinvest is to ship around eight million metric tons of iron ore concentrate annually to Ilyich.