OREANDA-NEWS. June 23, 2011. The meeting of Lakshmi N. Mittal, Chairman & CEO of ArcelorMittal, with Viktor Yanukovych, the President of Ukraine, was held today. Lakshmi Mittal participated in the first meeting of the foreign and national Investors Council, established under the jurisdiction of the President of Ukraine. Before Council meeting, a private meeting of the Ukrainian President Viktor Yanukovych and Lakshmi Mittal took place.

As the country’s largest foreign investor, Mr. Mittal in his speech stated that the newly established Council could play a key role in developing recommendations on improving investment climate in the country. He confirmed ArcelorMittal’s willingness to contribute into developing of such recommendations and to take part in establishing Ukraine’s image as a country, attractive for investors. He also reinstated ArcelorMittal’s commitment to Ukraine and to continuing developing its business in the country. Speaking of the 5-year history of ArcelorMittal in Ukraine, Mr. Mittal noted that it could serve as example of cooperation between the government and investor and of finding mutual understanding and compromise decisions in the challenging conditions. Speaking about the existing obstacles for future investments, Mr. Mittal mentioned difficulties with the VAT refund and exiting advance pavements of the corporate income tax in the amount of 50% of the refunded VAT. In his speech Mr. Mittal noted some progress in this area and praised the Government for introducing automated VAT refund that is in place for 3 months already. He expressed hope that the new automated refund system will be pursued on a systematic basis and that the Government will find an urgent solution regarding the VAT debt accumulated in 2010.

During the private meeting Mr. Mittal and Viktor Yanukovych, the President of Ukraine, discussed the prospects of PJSC "ArcelorMittal Kryviy Rih" development.