If the Rada adopts a proposed tax code change to iron mining, ArcelorMittal Kryvyi Rih, the nation’s largest steelmaker, will be forced to shut Artyom, its main iron mine

If the Rada adopts a proposed tax code change to iron mining, ArcelorMittal Kryvyi Rih, the nation’s largest steelmaker, will be forced to shut Artyom, its main iron mine. Vladimir Tkachenko, deputy general director of Arcelor told a Rada committee: “We will be forced to freeze its work. Now more than 1,000 people work there.” According to a PricewaterhouseCoopers study, the ratio of taxes to profits in iron mining is 2.5% in Russia; and 10% in Australia, Brazil, Canada, Kazakhstan, India, and China. If the Tax Code is changed, it will be 22% in Ukraine.