ArcelorMittal’s Ukrainian subsidiary, Kryvyi Rih recently revealed plans to spend $700mn over the next 3-4 years to modernize its facilities and improve environmental practices.
According to media reports, Mauro Longobardo, the subsidiary’s chief executive officer said that the company plans to make large investments in future projects, each of which will have an environmental component as well as cut obsolete machinery from its operations.
Longobardo added that the company intends to upgrade its blast furnace #9 and sinter shop #2, and build a new pelletizing plant that will facilitate the closure of two sinter shops and two coke oven batteries. He said the new plant will create additional or alternative roles although shuttering the obsolete facilities could lead to loss of employment for the community.
The company expressed that it needs time to plan this step to support its employees and ensure minimal loss of jobs by working in close coordination with local authorities.