Lakshmi Mittal is going to invest $1 billion in environmental modernization of Kryvyi Rih-based steelmaking capacities
President Volodymyr Zelenskyi promises an all-round support for ArcelorMittal’s and other players’ investments in the economy and environment of Ukraine, according to the press release posted by the Office of the President of Ukraine following the meeting between the Head of State and the Chairman of the Board of ArcelorMittal Lakshmi Mittal.
“Investment in the Ukrainian economy and environment is a positive signal for all investors to whom we will provide comprehensive support,” assured President Zelenskyi.
During the meeting, the President underlined the need to introduce advanced steelmaking technologies that will reduce the negative impact of industry on the environment.
“The President stressed the urgent need to complete the modernization of coking, sintering and blast-furnace production, which are the biggest polluters,” reads the press release.
In his turn, Lakshmi Mittal promised to launch a Steel Billion investment program in Ukraine, providing for an investment of almost $1 billion in the environmental modernization of steelmaking capacities in Kryvyi Rih.
The company has affirmed its readiness to complete the program by the end of 2023.
As GMK Center reported earlier, at the end of the summer 2019, the newly elected President of Ukraine has heavily focused on ArcelorMittal Kryvyi Rih. The criticism from Volodymyr Zelenskyi regarding AMKR’s non-compliance with its environmental commitments resulted in the Security Service of Ukraine initiating a criminal proceeding against the company under Article 441 of the Criminal Code of Ukraine (ecocide).
The incident caused a wide discussion within the expert community. Many perceived it as a blow against the country’s investment potential. The conflict was put to rest after AMKR presented its action plan for environmental load reduction to President Zelenskyi.