PricewaterhouseCoopers (PwC) Ukraine has successfully completed a project together with Mittal Steel Kriviy Rih ore mining and metallurgical plant (Dnipropetrovsk region) to test the effectiveness of the Company’s key financial processes, systems and internal controls. The project was aimed at achieving compliance with the U.S Sarbanes-Oxley Act 2002 (“S.O.A”) which requires the management of a public company to assess the effectiveness of a company’s internal controls over financial reporting (Section 404 attestation) and to report on the effectiveness of those controls in the company’s annual report to the shareholders.
PwC helped Mittal Steel to prepare for the Section 404 attestation by performing a thorough examination of the system of internal controls, testing the design and operating effectiveness and closing any weaknesses with remedial actions. In addition to identifying no material weaknesses, there were also no significant deficiencies identified during the project. The S.O.A Section 404 attestation was completed on a timely basis resulting in the following benefits:
- Compliance with the law and regulations
- Enhanced corporate governance processes and procedures
- Improved risk management practices
- Enhanced operational effectiveness
- Improved manageability of the Company
Mittal Steel Kryviy Rih is the largest producer of rolled steel in Ukraine. It specializes in the production of elongated rolled products, including steel reinforcing bars and iron rods.
Mittal Steel Germany GmbH, which is part of the Mittal Steel international holding that is the world's largest steel producer, owns 93.02% of the shares in Mittal Steel Kriviy Rih.
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 140,000 people in 149 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
“PricewaterhouseCoopers” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
For additional information please call Natalia Blotskaya, PwC Ukraine Marketing and Communications Manager, at (044) 490 6 777 or e-mail to: natalia.blotskaya@ua.pwc.com.
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