ArcelorMittal Kryvyi Rih did not manage to achieve break-even production levels in 2024, CEO Mauro Longobardo reported. He attributed this to several factors, including electricity supply shortages, high energy prices, the need to import a significant portion of electricity, staffing challenges, expensive logistics, and unfavorable pricing conditions in metal markets.
"All of this negatively affects our competitiveness and, consequently, our financial results," he noted.
Despite the challenges, the company temporarily reached 50% capacity utilization in its metallurgical production mid-year, while the mining department operated at 70-75% of pre-war production levels, according to the company’s press office.
Additionally, 2024 saw significant production growth compared to 2023 across all key categories. Pig iron production increased by 42.7% year-on-year, reaching 2.17 million tons. Steel output grew by nearly 70% to 1.65 million tons, rolled products by 72% to 1.53 million tons, and coke by 48.5% to 1.25 million tons. The mining department also showed positive dynamics: ore extraction rose by 68% year-on-year to 19.19 million tons, and iron ore concentrate production grew by nearly 72% to 7.82 million tons.
According to Longobardo, the company's goal for 2025 is to achieve self-sufficiency.
"Our business plan is focused on the survival of the enterprise. For now, we remain cautious in our forecasts and understand that our results are far from pre-war levels. We continue to invest only in strategically critical projects, such as the construction of the 'Third Map' tailings storage facility, the first phase of which we completed this year," he added.
ArcelorMittal Kryvyi Rih operates a full production cycle, with an annual production capacity exceeding 6 million tons of steel, over 5 million tons of rolled products, and more than 5.5 million tons of pig iron.
