Financial flow management: from crisis to sustainable development

Анотація

The article examines the management of financial flows at PJSC ArcelorMittal Kryvyi Rih during the prolonged crisis in Ukraine’s steel industry from 2022 to 2024, driven by war-related risks, transformations in logistics chains, and the introduction of the CBAM mechanism. Special attention is devoted to identifying pathways for the company’s transition to a model of sustainable development. Problem statement. The central problem lies in ensuring liquidity, financial stability, and continuity of operations at a large steel enterprise under conditions of deep crisis, rising debt burden, and negative profitability, combined with the urgent need to adapt to new EU regulatory requirements and structural changes in external markets. Unresolved aspects. The comprehensive influence of war-related shocks, logistical constraints, and CBAM on the cost of equity and financial resilience of Ukrainian steelmakers remains insufficiently studied. A notable gap concerns holistic assessments for PJSC «ArcelorMittal Kryvyi Rih» that integrate crisis financial management with long-term “green” transformation. Purpose of the article. The purpose is to analyze financial flow dynamics and the financial condition of PJSC «ArcelorMittal Kryvyi Rih» in 2022–2024 and to formulate financial management priorities enabling the company’s transition from a crisis phase toward a sustainable development trajectory. Summary of the main matter. The study applies horizontal and vertical financial analysis, key ratio analysis (liquidity, solvency, activity, profitability), factor analysis, and comparative analysis. The cost of equity is assessed using CAPM with a β-coefficient derived from European steelmaking analogues. Conclusions. It is shown that in 2022-2024, the enterprise went through a phase of deep crisis with a sharp decline in liquidity, increased debt burden, and negative profitability. However, in 2024, signs of cash flow stabilisation and a gradual recovery of production loading were recorded. Priorities for financial management on the path «from crisis to sustainable development» are formulated: restructuring short-term liabilities and replenishing working capital; reducing costs through energy-efficient and logistical solutions; developing a multi-channel sales model; preparing for the full-scale implementation of CBAM; and directing investments toward «green» projects. These findings have practical significance for shaping corporate financial policy under conditions of high uncertainty.

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