ArcelorMittal Kryvyi Rih faced adjustments to the customs value of imports

ArcelorMittal Kryvyi Rih faced an adjustment in the customs value of imports due to the actions of the customs authorities to accumulate funds for the state budget. This automatically increases the company’s costs.

This was stated by Oleg Krykavsky, Director of Government Relations at ArcelorMittal Kryvyi Rih, at the online event “What prevents steel production from growing?”, organized by the Center for Economic Strategy in cooperation with the German Economic Team. GMK Center was the media partner of the event.

Recently, customs authorities have started adjusting the customs value of certain imports of the company.

“Our company has faced the problem of adjusting the customs value when importing coking coal. I should note that we have not faced this problem for 8-9 years. But now we are seeing some facts in this regard,” said Oleg Krykavsky.

According to the company’s GR director, the increase in customs duties is due to the need to fill the state budget, which, however, is done in a rather unsystematic way.

As previously reported, the company is currently facing the fact that high electricity prices in Ukraine, unfavorable market conditions and the outflow of personnel caused by mobilization are preventing it from increasing production. The company is ready to quickly increase production volumes if the situation improves.

As GMK Center reported earlier, in 2023 ArcelorMittal Kryvyi Rih produced 1 million tons of steel, 1.5 million tons of pig iron and 0.9 million tons of commercial rolled products.