The industrial giant “ArcelorMittal Kryvyi Rih” has invested over $325 million in the modernization of production facilities, equipment upgrades, logistics development, preparation for European environmental standards, and the implementation of future investment projects during the full-scale war. This was stated by the company’s management representative Oleg Krykavskyi at the conference “Ukrainian Export: Through Thorns to the EU.”
This is reported by Business • Media
Challenges with Electricity Prices for Industry
According to Krykavskyi, under current conditions, “ArcelorMittal Kryvyi Rih” is forced to operate with additional difficulties arising from high electricity tariffs for industrial consumers. Ukrainian enterprises purchase electricity on the day-ahead market, where prices are constantly rising and have already reached $180 per megawatt-hour. Meanwhile, in European Union countries, particularly Germany, government support programs for the industry are being implemented, and price caps for electricity are being set at around 60 euros per megawatt-hour.
The Need for Government Support
Oleg Krykavskyi emphasized that to preserve the industrial potential and jobs, the Ukrainian government should consider implementing similar government support mechanisms that are already in place in EU countries. At the same time, he stressed that the company does not plan to stop at its current achievements and intends to continue investing in the development of domestic metallurgy and supporting Ukrainian production.
“ArcelorMittal Kryvyi Rih” has invested over $325 million since the beginning of the full-scale war in repairs, modernization, logistics, preparation for European standards, and future capital projects, reported the company’s top manager Oleg Krykavskyi at the conference “Ukrainian Export: Through Thorns to the EU.”