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    MT   LU1598757687

ARCELORMITTAL

(MT)
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ArcelorMittal : Ukraine mill says it will lose $1 million due to environmental probe

07/23/2019 | 01:03pm EST

KIEV (Reuters) - ArcelorMittal Ukrainian steel mill will lose $1 million (£803,664.7) this month after a key piece of steelmaking equipment was seized following a security service investigation, the plant's acting head Oleksandr Ivanov said on Tuesday.

KIEV (Reuters) - ArcelorMittal Ukrainian steel mill will lose $1 million (£803,664.7) this month after a key piece of steelmaking equipment was seized following a security service investigation, the plant's acting head Oleksandr Ivanov said on Tuesday.

The probe into Ukraine's largest private foreign investor is seen as an early test for the presidency of Volodymyr Zelenskiy, who has promised to make the country more business friendly.

The Ukrainian security service said earlier it had discovered a source of radiation exceeding safe levels in a new piece of equipment at the plant during a search last week, and had banned the company from using it.

Ivanov said radiation at the facility was within permitted levels but that the equipment had been seized by the authorities. The company said it may sue officials over the investigation.

"In July, we expect losses of about $1 million," Ivanov told reporters at a news conference.

He said the investigation had started after Zelenskiy publicly criticised pollution levels in mid-July when speaking to officials in his hometown of Kryvyi Rih, where the mill is based.

He singled out ArcelorMittal for criticism, accusing the company of not meeting an earlier commitment to modernise its plant.

"It may be a misunderstanding, someone from local administration may... have overreacted," Ivanov said. He said the company felt pressurised by the investigation and was struggling to formulate a response.

A security service official said on Monday the investigation was not aimed at putting pressure on the company.

Zelenskiy's office did not immediately respond to a request for comment.

The investigation into ArcelorMittal has caused some concern among investors.

"Discouraging news from Ukraine's top investor that has invested over $9 billion in Ukraine. Investors will be concerned about selective justice," said Andy Hunder, the President of the American Chamber of Commerce (ACC) in Ukraine, on Sunday.

"Ukraine (is) sending the wrong message to the investment community at a time when business is watching closely the changes taking place."

The Ukrainian ArcelorMittal plant sold 4.5 million tonnes of metal products last year, according to the company's website.

(Reporting by Natalia Zinets, writing by Maria Tsvetkova; Editing by Matthias Williams and Jan Harvey)

By Natalia Zinets


ę Reuters 2019
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Financials (USD)
Sales 2021 76 098 M - -
Net income 2021 14 218 M - -
Net Debt 2021 3 039 M - -
P/E ratio 2021 2,31x
Yield 2021 1,30%
Capitalization 27 707 M 27 489 M -
EV / Sales 2021 0,40x
EV / Sales 2022 0,37x
Nbr of Employees 168 000
Free-Float -
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Mean consensus BUY
Number of Analysts 17
Last Close Price 30,63 $
Average target price 45,70 $
Spread / Average Target 49,2%
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Managers and Directors
Aditya Mittal President, Chief Financial Officer & Director
Genuino M. Christino Chief Financial Officer & Executive Vice President
Lakshmi Niwas Mittal Executive Chairman
Pinakin Chaubal Chief Technology Officer
Henk Scheffer Secretary & Group Compliance Officer
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