Ukraine's steel giant sees almost US$82 mln in net loss in 2019

REUTERS Ukraine&#39;s steel giant, ArcelorMittal Kryviy Rih, in 2019 posted UAH 2.3 billion (US$81.7 million) in net loss against UAH 9.5 billion (US$337.6 million) in net profit in 2018. Read alsoUkraine&#39;s metallurgical industry seeing losses amid falling demand in world markets – expert Its net revenue from sales last year amounted to UAH 62.4 billion (US$2.2 billion), whereas its net revenue in 2018 totaled UAH 68 billion (US$2.4 billion), the company said on its website on March 25. "By the results of 2019, ArcelorMittal Kryvyi Rih&#39;s net loss is due to a significant drop in prices of steel products on the world markets along with an increase in the main costs of the plant (an increase in railway tariffs and energy prices, as well as a rise in environmental tax, land rent and the wages fund)," the company said in a press release on its website. Despite the fact that 2019 brought losses to the company, ArcelorMittal Kryvyi Rih continued the modernization program, having invested US$415.4 million in the development of production. Of these, operating expenses amounted to US$116 million, while capital expenses totaled US$299.4 million. "Modernization of capacities, environment protection activities, improvement of the level of industrial safety, implementation of a large-scale investment program by the company are priority areas for the provision of funds," the company added.

Ukraine's steel giant sees almost US$82 mln in net loss in 2019

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