ArcelorMittal Kryvyi Rih to review investment plan, to keep $250 mln in capital investment within next 5 years - CEO
KYIV. May 17 (Interfax-Ukraine) - ArcelorMittal Kryvyi Rih (AMKR, located in the Dnipropetrovsk region of Ukraine) will review its investment plan for Ukraine, which envisioned about $500 million in investments within the next five years, but it still plans nearly $250 million in capital investments, AMKR CEO Mauro Longobardo said.
Speaking at the Global Outlook: Economic Frontline conference organized by the European Business Association on Tuesday, Longobardo said the company planned to invest about $500 million within the next five years, but is now reviewing this plan. However, it still plans to proceed with capital investments amounting to nearly $250 million, which have not been halted, he said.
As the sea routes for Ukrainian exports have been blocked at the moment, logistics is currently the primary challenge for the company, Longobardo said.
The AMKR has not resorted to layoffs and paid full wages to all employees in March; moreover, it paid full wages to all of its working personnel and 65% of wages to those who were idled in April and May, Longobardo said.