ArcelorMittal Kriviy Rih sees uncertain trend for recovery

ArcelorMittal Kriviy Rih, the Ukraine-based subsidiary of the world largest integrated metals and mining company ArcelorMittal, has said that it is keeping its production capacity aligned with market requirements, as the trend for the recovery of the market is uncertain and as it has been experiencing a certain slowdown affecting export orders in the latter half of May.

Mr. Jean Jouet, CEO of ArcelorMittal Kriviy Rih, said the company May production had followed a trend similar to that of the previous months.

Products	May 2010, t	May 2009, t
Pig iron	460,700	396,200
Steel	541,900	422,100
Rolled products	448,300	369,700

Products	January-May 2010, t	January-May 2009, t	Change, %
Pig iron	2,243,000	1,683,400	33.2
Steel	2,581,100	1,887,100	36.8
Rolled products	2,223,800	1,771,900	25.5

He said that "Non-refund of VAT has been and still remains the main issue for us. Our receivables have gone above the $300 million, which is a tremendous level that creates cash management issues. Urgent solutions by the state authorities to solve this issue are expected urgently." (SteelOrbis)