X - Biden Targeting Ukrainian Oligarch May Help ArcelorMittal

• ArcelorMittal for months has been facing relentless pressure from Ukrainian oligarchs, regulators, and security service officials.
• The security service raided ArcelorMittal’s operation six times, once even shutting down $150 million steel casting project.
• Authorities slapped the company with $300 million additional tax assessment bill, while a state agency ordered ArcelorMittal to stop work on its crucial tailings project.
• President Biden’s recent phone call with President Zelensky, and sanctions imposed against a powerful Ukrainian oligarch, may help ease the pressure on the company.
• President Zelensky met Lakshmi Mittal on April 14 to discuss ArcelorMittal’s plans to invest $1 billion into cleaner steelmaking, and the company is now expecting “a lot of good news”.

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