PJSC ArcelorMittal Kryvyi Rih announces production results for 2024

ArcelorMittal Kryvyi Rih, the largest mining and metallurgical company in Ukraine, reports production results for 2024. ArcelorMittal Kryvyi Rih was unable to break even in 2024 due to several problems, including a shortage of electricity supply, high electricity prices due to the need to import a significant portion of electricity, expensive logistics and an unfavourable price situation on the metal products markets. In the middle of the year, the company temporarily reached 50% of its metallurgical production capacity. The mining division was used for about 70-75% of the pre-war production.

Key production figures for 2024, tonnes

Mauro Longobardo, CEO of ArcelorMittal Kryvyi Rih:

"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.

Our business plan is focused on the survival of the company, so far, we are very cautious in our forecasts and understand that our results are far from pre-war levels. We continue to invest only in one strategically important project for production - the construction of the "Tretya Karta" tailings storage facility, the first stage of which we 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. "

Reference:

"ArcelorMittal Kryvyi Rih has a full production cycle, its production capacity is designed for the annual output of more than 6 million tonnes of steel, more than 5 million tonnes of rolled steel and more than 5.5 million tonnes of pig iron.