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NEW YORK (TheStreet) -- ArcelorMittal(MT - Get Report) was falling 1.8% to $15.02 Monday after the company announced it is seeing weaker domestic steel demand due to the political crisis in Ukraine.
CEO Lakshmi Mittal said during the company's Investor Day briefing that steel sales from its Kryvyi Riy steel plant in Ukraine will be cut in half as a result of the political crisis. He noted that materials are already being diverted to different markets due to drop in demand.
The Kryvyi Riy plant is one of the largest in Ukraine. It produced 6.4 million metric tons of crude steel in 2013.