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Lakshmi Mittal will modernize Kryvorizhstal for $1 billion

CEO Lakshmi Mittal, Head of ArcelorMittal that owns the Kryvyi Rih Metallurgical Plant (AMKR), has promised to launch the investment program Steel Billion in Ukraine aimed at ecological modernization of steel production.

President Volodymyr Zelenskyy promises comprehensive support for Mittal's initiative, according to the press service of the Office of the President.

"Investment in the Ukrainian economy and environment is a positive signal for all investors to whom we will provide comprehensive support," Zelensky noted.

The parties discussed the development of "green" metallurgy and increase of investments in Ukraine, taking into account environmental characteristics in accordance with international standards.

The President stressed the urgent need to complete the modernization of by-product coking, sintering and blast furnace production. These industries are the largest pollutants.

Lakshmi Mittal clarified that the investment program Steel Billion provides investments of almost $1 billion in the eco-modernization of steel production in Kryvyi Rih. The company has confirmed its readiness to start this program in 2022.

Context. After Volodymyr Zelenskyy’s criticism concerning the AMKR's failure to fulfill its environmental obligations, at the end of summer 2019, the SSU opened a criminal case against the enterprise under Art. 441 of the Criminal Code (ecocide).

The conflict was resolved after the AMKR presented Zelenskyy with a plan of initiatives to reduce the environmental stress.

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