You're reading: ArcelorMittal welcomes government decision to drop case

The largest steelmaker in the world, ArcelorMittal has welcomed the closure of a case under a claim of Ukrainian Prosecutor General's Office on the lawfulness of amendments to the investment liabilities of ArcelorMittal made in 2009 in an agreement on the sale and purchase of a 93.02% stake in ArcelorMittal Kryviy Rih (earlier Kryvorizhstal).

"We welcome today’s decision to close the case. We express thankfulness to the Ukrainian cabinet for its position and support during hearings. We’re ready to discuss the government’s proposals on our further activities and projects in Ukraine," the press service reported, citing Christophe Cornier, Executive Vice President responsible for Flat Products Western Europe, as saying.

As reported, Kyiv Economic Court on Tuesday closed a case on the lawfulness of amendments to the investment liabilities of ArcelorMittal made in 2009 in an agreement on the sale and purchase of a 93.02% stake in ArcelorMittal Kryviy Rih.

The Prosecutor General’s Office of Ukraine in July 2010 filed a lawsuit against the SPF and ArcelorMittal Duisburg GmbH, which was the buyer of shares in Kryvorizhstal under the agreement on the sale and purchase of October 24, 2005, to cancel an additional agreement to the sale and purchase contract of May 14, 2009, which says that fulfilment of some investment liabilities was postponed for the period of the financial crisis.