PJSC ArcelorMittal Kryvyi Rih, the largest mining and metallurgical enterprise in Ukraine, managed to increase production of all types of products in 2024 compared to 2023. Nevertheless, due to a number of negative factors, the company did not reach breakeven, the company said in a press release.
«The war continues to affect all processes related to production. We made every effort to achieve zero losses, we did everything we could: reducing costs within the company, optimising consumption. But this did not happen for several reasons. The work of a blast furnace and the fire in the coke oven battery due to a power cut in the summer, its loss, played a role. In addition, there are expensive logistics, an unstable energy supply situation due to constant enemy attacks, a lack of personnel and depressed foreign markets to which we can currently export our products. All this has a negative impact on our competitiveness and therefore on our financial results,» commented the CEO of ArcelorMittal Kryvyi Rih Mauro Longobardo .
In the middle of the year, the company managed to temporarily reach 50% of its steel production capacity. The mining department operated at 70-75% of the pre-war level. As a result, pig iron production increased by 42.7% last year compared to 2023 to 2.17 million tons, and steel production increased by 69.9% y/y – to 1.65 million tons. Rolled steel output amounted to 1.53 million tons, up 72.1% y/y.
Coke production (6% moisture) at ArcelorMittal Kryvyi Rih increased by 48.5% in 2024 to 1.25 million tons compared to 2023. Iron ore production increased by 68.3% y/y – to 19.19 million tons, while concentrate output increased by 71.7% y/y – to 7.82 million tons.
Despite the challenges, the company continues to invest in critical projects, including the construction of the Third Map tailings facility, the first phase of which was completed this year.
“Our goal for 2025 remains the same: to be self-sufficient without the financial support of the Group, which is helping us in these difficult times. Despite all the challenges, ArcelorMittal Kryvyi Rih remains in Ukraine and with Ukraine. We believe in victory and are ready to participate in the country’s reconstruction,” Longobardo summarizes.
As GMK Center reported earlier, 2023 was a challenging year for ArcelorMittal Kryvyi Rih, which produced 1 million tons of steel, 1.5 million tons of pig iron and 0.9 million tons of rolled products. The company paid UAH 4.1 billion in taxes and fees to the budgets of all levels of Ukraine. Employees also received remuneration in the amount of 50% of their average monthly salary, based on the results of the year.
ArcelorMittal Kryvyi Rih is a full-cycle steel plant in Ukraine. Its production facilities are designed to produce over 6 million tons of steel, 5 million tons of rolled products and 5.5 million tons of pig iron annually. The company employs over 20 thousand people.
Source: https://gmk.center
