By KYIV. Nov 24 (Interfax-Ukraine) – PJSC ArcelorMittal Kryvyi Rih (Dnipropetrovsk region) in 2022 and 2023 received significant assistance from the parent company – ArcelorMittal – and intends to achieve break-even operation in 2024 without the need for financial help from the group.
“We are gradually recovering from the extremely difficult 2022, when there was a significant loss of $1.3 billion, and we survived, in particular, thanks to the support of the parent company. In 2023, we managed to reduce this figure to $320 million (according to the forecast for the end of the year), but it is imperative to reach zero in 2024. According to our business plan for next year, we expect to see improved results already in the 2nd quarter,” AMKR General Director Mauro Longobardo said, answering questions from employees at a meeting with representatives of the enterprise’s workforce on November 21, the summary of which is published by the corporate publication Metalurg.
According to him, if there is a significant improvement in the financial results of AMKR, if there are more clients, if it is possible to supply products to clients via the Black Sea and the financial results allow, the company will return to revising salaries upward.
“A large salary is directly related to the profitability of the enterprise, which is not the case at the present time. Now the main task is to preserve the team and avoid staff reductions,” the CEO emphasized, adding that the issue of paying the 13th salary based on the results of 2023 will be decided after summing up results of the work.
As reported, the European Bank for Reconstruction and Development (EBRD) provided AMKR with another loan in the amount of $150 million to replenish working capital for its operation. The bank approved the project on November 15, 2023, and funds are now being allocated.
