STATEMENT BY U.S-UKRAINE BUSINESS COUNCIL (USUBC)
Support for ArcelorMittal Kryvyi Rih,
largest international investor in Ukraine
Washington, D.C., Wednesday, April 18, 2018
WASHINGTON, D.C. - The U.S.-Ukraine Business Council (USUBC), www.USUBC.org, expresses its strong support for PJSC ArcelorMittal Kryvyi Rih, a member of the USUBC. The company operates within the Arcelor Mittal Group, the largest international investor in the Ukrainian economy and the world's largest steel producer.
USUBC has recently observed more and more speculations in the social and local mass media in Ukraine about ArcelorMittal Kryvyi Rih. The representatives of some known rather rather extreme political forces, in cooperation with small trade are trying to encourage the company's employees to strike, demanding higher salaries than what are reasonable, from just this one company.
The overall level of salaries in Ukraine is lower than in several other Eastern European Countries. This is a challenge, not just for one individual company, but for the entire Ukrainian business community within the Ukrainian economy and the need for reforms by the government of Ukraine. Demanding a sudden move to the European level of salaries for one individual company like Kryvyi Rih, puts extreme economic pressure on the company and distorts the reality of the economic, governmental and public situation in Ukraine.
For more than ten years ArcelorMittal has ensured stable production, modernization and the development of its plant in Kryvyi Rih. The company has invested around US $9 billion in the plant, including the cost of asset acquisition during privatization. It is important to increase the leval of private investments in the economy of Ukraine. The stable and expanding operations of ArcelorMittal in Ukraine, and its ambitious investment program in Kryvyi Rih is a real benchmark for other international.