ArcelorMittal Kryvyi Rih posts no losses in Q1, 2016, plans to improve performance in 2016
ArcelorMittal Kryvyi Rih (Dnipropetrovsk region) in January-March 2016 posted no losses, PJSC ArcelorMittal Kryvyi Rih CEO Paramjit Kahlon has said at a press conference at Interfax-Ukraine in Kyiv.
"In January we lost some profit as prices were relatively low. In February and in the first half of March we also suffered losses. The prices were gradually growing from March 15, but this increase from March 15 will be seen in sales volumes in April," the top manager said.
According to him, the increase in steel prices, which began on March 15, continued in April and was observed at the beginning of May, although prices in the Chinese market again decreased from May 2 to May 9.
"But in the first quarter we posted neither profit nor losses. Variable costs were approximately at the level of zero, or a little bit lower. The main thing that helped us is the reduction of prices for raw materials, which entailed the fall in the cost of our produce to $210 per tonne," the CEO said.
In January-March the company paid UAH 1.4 billion of taxes.
The company director added that ArcelorMittal Kryvyi Rih in the first quarter of 2016 produced about 1.7 million tonnes of steel.
