OREANDA-NEWS. September 14, 2010. ArcelorMittal Kryviy Rih informs about receiving VAT refund through VAT t-Bonds claimed in the amount of debt, accumulated as of May 1, 2010.

Arnaud Poupart-Lafarge, Executive Vice President, ArcelorMittal: “We acknowledge that we have received last Friday the VAT bonds in payment for our accumulated debt until last May1st. Understanding the challenging situation the Ukrainian Government is facing with VAT refund, we have accepted that issuing the VAT t-Bonds was a controversial but necessary compromise decision. We have accepted this compromise against the Government commitment that VAT refunds from May 1st onwards would be made in cash and on time, and we are now confident that Government will comply with its commitment.”

Rinat Starkov, CEO, ArcelorMittal Kryviy Rih: “As an enterprise to which the state owes the biggest VAT refund debt, we perceive issuing of the VAT t-Bonds as an important milestone in resolving the VAT refund issue. We expect the re-establishment of the automated VAT refund to take place soon .”

Information: As of August 18, 2010 VAT debt before ArcelorMittal Kryviy Rih was 3,186 bln. UAH, out of which 1,7 bln. (debt as of May 1, 2010) was claimed via VAT t-Bonds refund.