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ArcelorMittal might improve Ukraine steel output if situation stabilises

ArcelorMittal, the world's. secondlargest steelmaker, might more than double annual. production by at least 3 million metric lots in wartorn Ukraine. if the scenario stabilises there, the steelmaker's Chief. Financial Officer Genuino Christino told investors during a. quarterly teleconference on Thursday.

Christino did not elaborate on what conditions the company. would need to improve production. The Luxembourg-based company operates a steel plant in the. city of Kryvyi Rih that is running at 40% of capacity. The. plant presently produces 500,000 tons of steel on a quarterly. basis.

Given that Russia's full-scale invasion of Ukraine in 2022, the. plant had been running just one of three blast furnaces. In. April, the business restarted a 2nd furnace, but will soon. revert to running just one with energy in short supply and. expensive.

The cost of energy has actually been really high and for that reason we are. simply optimising the flows of the production to minimize energy. expenses, Christino said.

The plant sources some of its coal from a mine in the. eastern-Ukrainian town of Pokrovsk, which is at risk of being. seized by Russian soldiers.

ArcelorMittal reported third-quarter core earnings that was 6%. above market expectations.

(source: Reuters)