ArcelorMittal Kryvyi Rih, the biggest mining and metallurgical plant in Ukraine controlled by global steel and mining giant ArcelorMittal, will invest $400mn in the development of the plant in 2017.

"The company will invest funds in modernisation of production, improvement of the environment, capital repairs of equipment and construction of new units, including the second LF-CC [Ladle Furnace Continuous Caster] and coke oven batteries," the Ukrainian unit, based in the Dnipro region, said in a statement on February 20.

According to the company, the main tasks of the investment programme of ArcelorMittal Kryvyi Rih at this stage are to increase productivity, replace obsolete equipment with new and environmentally friendly equipment, decrease air pollution and improve the environment in Kryvyi Rih city and surrounding region.

"Those volumes of funds we are investing in development of the plant in Ukraine once again confirm not only fulfillment of our obligations taken with the purchase of the plant, but also our commitment to completely modernise this plant by 2020," Paramjit Kahlon, ArcelorMittal Kryvyi Rih CEO, said in the statement.

ArcelorMittal Kryvyi Rih is one of the biggest rolled steel producers in Ukraine, which specialises in rebar and wire rod from ordinary and light alloyed steels, as well as sinter, concentrate, coke, pig iron, steel, section and shape rolled products. Activity of the plant covers the entire production chain from iron ore mining to finished metal products.

In 2015, the plant produced 5.5mn tonnes of pig iron, 6.3mn tonnes of steel and 5.3mn tonnes of rolled products.