ArcelorMittal opposes Western sanctions against Russia

ArcelorMittal's vice president for Europe said he suggested that the European Union not step up sanctions against Russia over its conflict with neighboring Ukraine. The head of ArcelorMittal Europe said: "Our company is against economic sanctions. We have examples where sanctions are pushing ourselves forward. There is a risk that the other side will retaliate. We depend on Russia for the supply of iron ore, coal and gas." by this he meant the dependence of all of Europe on Russian supplies.

ArcelorMittal believes that this should not affect the import of Russian resources. ArcelorMittal has a large plant in eastern Ukraine, which is forced to cut production this year and will direct more exports to the Middle East amid declining demand in Russia.

The West should for now focus on individuals and several companies in protest against the annexation of the Crimean peninsula of Ukraine to Russia. ArcelorMittal has called for sanctions against targeted key sectors supplying iron ore, coal and gas if it can be proven that the Kremlin obstructed the Ukrainian elections in late May.

ArcelorMittal in Europe successfully completed the first quarter of this year, receiving 58 million euros of operating, although in the fourth quarter of 2013 it was unprofitable for the company. Due to the insufficiently stable position of ArcelorMittal in Europe, it strives to avoid additional risks that may result from sanctions against Russia.