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Report: Ukraine claims ArcelorMittal owes US$355M

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Report: Ukraine claims ArcelorMittal owes US$355M

A Ukrainian tax probe found that ArcelorMittal owes authorities 9 billion hryvnia, roughly US$355 million, after allegedly underpaying land taxes and dealing with questionable companies, Reuters reported Sept. 4, citing Interfax.

The results of the investigation will be referred to law enforcement agencies, Evgen Bambizov, head of the country's tax office, was quoted as saying in the report. The company has yet to comment on the matter, according to Reuters.

The steelmaking giant's ArcelorMittal Kryviy Rih unit in the country recently agreed to invest US$1.8 billion over the next five years to modernize its facilities and cut emissions. The pledge was made after new Ukrainian President Volodymyr Zelenskiy criticized the company for polluting his hometown of Kryviy Rih.

In July, ArcelorMittal flagged a US$1 million loss for the month after Ukraine's security service confiscated a key piece of steelmaking equipment at the plant.

As of Sept. 3, US$1 was equivalent to 25.31 hryvnia.