The Ukrainian steelmaker ArcelorMittal Kriviy Rih, an affiliate of steel giant ArcelorMittal, has obtained the postponement of a number of its investment commitments under an agreement with the State Property Fund of Ukraine that amends the terms of the steelmaker's privatization tender.
The amendments will remain in effect for the duration of the global financial crisis.
According to ArcelorMittal Kriviy Rih CEO Jean Jouet, the company's long-term vision remains unchanged and the priority will be given to the projects with a lower cost and with a maximally rapid return. The major investment in increasing capacity will be resumed after the crisis ends, added Mr. Jouet.
However, Mr. Jouet did not disclose the amount ArcelorMittal Kriviy Rih intends to invest during the current year, but stated that in 2009 the company expects to decrease its steel output to five million mt compared to 6.2 million produced in 2008.