Page 73 - UKRRptJun19

corporate social responsibility program, and this review had not been completed by April 23, on, which date Ferrexpo released its 2018 financial statements. As a result, Deloitte was unable to obtain satisfactory audit evidence or explanations in respect of two key audit matters that were the basis for its qualified opinion on Ferrexpo’s 2018 financial statements. Ferrexpo’s response to the situation and the resulting Deloitte’s having to qualify its audit opinion, were incompatible with Deloitte’s remaining as Ferrexpo’s auditor, Deloitte said.
● Other
ArcelorMittal Kryvyi Rih, Ukraine's largest integrated steel company, plans to increase iron ore concentrate output by 10.5% this year, to 10.3mn tons. This would be a 23% increase over the 2017 level. To reach this level, the company is increasing its investments in mining trucks and bulldozers this year by 46%, to $7mn.
Ukraine's largest integrated steel maker, ArcelorMittal Kryviy Rih, will reinvest its entire 2018 profits -- $350mn – into upgrading production, the company reports. The decision was taken at the company’s annual general meeting of shareholders on April 25.
73 UKRAINE Country Report June 2019 www.intellinews.com