KIEV, July 16 – ArcelorMittal Kryviy Rih, the Ukrainian unit of the world's largest steelmaker, will receive massive VAT refunds soon after the government issues a special bond, a source at the finance ministry said Friday.

AMKR said it is owed 2.7 billion hryvnias, or $342 million in unrefunded value added tax from the government and said the debt that has been threatening to affect the company’s operation.

The government has so far confirmed only 1.6 billion hryvnias in such debt owed to AMKR.