ArcelorMittal says Ukraine crisis has cut domestic steel demand

|About: ArcelorMittal (MT)|By:, SA News Editor

ArcelorMittal (MT -2.2%) CEO Lakshmi Mittal says the political crisis in Ukraine has caused domestic steel demand to drop because people weren't investing, though costs have fallen because the local currency has weakened against the dollar.

Steel sales to customers in Ukraine from MT's Kryvyi Riy steel plant will but cut in half as a result of the crisis, Mittal says, adding that the material is being diverted to different markets.

The Kryvyi Riy plant, one of Ukraine's largest, produced 6.4M metric tons of crude steel in 2013.