Home / News / Ukraine / ArcelorMittal Kryvyi Rih changed its net loss in 2019 to UAH 740 million in net profit in 2020

ArcelorMittal Kryvyi Rih changed its net loss in 2019 to UAH 740 million in net profit in 2020

Ukraine / Business and Finance

The largest mining and metallurgical plant in Ukraine plans to allocate almost UAH 10 billion to pay dividends for 2020.

ArcelorMittal Kryvyi Rih changed its net loss in 2019 to UAH 740 million in net profit in 2020

The largest steel producer in Ukraine, PJSC ArcelorMittal Kryvyi Rih, received a net profit of UAH 740.902 million in 2020, while it ended 2019 with a net loss of UAH 2 billion 265.232 million.

According to the company's announcement of the annual meeting of shareholders on April 29, retained earnings by the end of last year amounted to UAH 30 billion 119.720 million.

Over the past year, ArcelorMittal Kryvyi Rih has reduced current liabilities by 33.3% - to 17 billion 865.684 million hryvnia, long-term - by 5.3%, to 9 billion 604.586 million hryvnia.

At the same time, the Kryvyi Rih Metallurgical Plant has reduced accounts receivable by 16% - to UAH 21 billion 637.895 million.

Assets of ArcelorMittal Kryvyi Rih in 2020 decreased by 9.4% - to UAH 88 billion 349.556 million, including the cost of fixed assets increased by 8.9%, to UAH 51 billion 996.1 million.

According to the draft decisions, at the meeting the shareholders intend to allocate UAH 9,610 million 237,170 thousand, or UAH 2.49 per ordinary registered share, for the payment of dividends on common shares.

ArcelorMittal Kryvyi Rih is the largest manufacturer of rolled steel in Ukraine. It specializes in the production of long products, in particular, rebar and wire rod.

The Luxembourg company ArcelorMittal owns the largest mining and metallurgical plant ArcelorMittal Kryvyi Rih in Ukraine and a number of small companies, in particular, ArcelorMittal Berislav PJSC.

The corporation of British billionaires of Indian origin Mittal, Mittal Steel acquired 93.02% of shares of OJSC Kryvorizhstal at an open tender on October 24, 2005 for 24.2 billion hryvnia at a starting price of 10 billion hryvnia, after which the steel plant was renamed Mittal Steel Kryvyi Rih, later to ArcelorMittal Kryvyi Rih.

According to NDU data for the fourth quarter of 2020, Arcelor Mittal Duisburg GmbH (Germany) owns 95.1283% of its shares.

The authorized capital of the metallurgical plant is 3 billion 859.533 million hryvnia.

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