KYIV, May 10 – Shares of ArcelorMittal, the world’s largest steel company, dropped more than 1% on Monday following a report the company’s Ukrainian subsidiary had been facing systemic pressure from the authorities for months.

ArcelorMittal’s Ukrainian operation was raided six times by the security service over the past 20 months, Serhiy Verlanov, a former head of the State Tax Service, wrote in the report published by Seeking Alpha.

ArcelorMittal shares fell 1.06% to close at $32.71 at the New York Stock Exchange on Monday, reversing sharp gains in early trading as the report had gained traction with investors.