ArcelorMittal shuts down Ukraine's largest metallurgical company following Russian attacks

ArcelorMittal is suspending operations at ArcelorMittal Kryvyi Rih – Ukraine's largest steelmaking plant – after four missile strikes over the past five weeks.

Source: ArcelorMittal

Details: The most recent strike occurred on 21 September. In total, five people were killed and 17 other employees were injured across the four attacks over the past five weeks, with one worker remaining in a critical condition.

The company plans to focus on preserving the plant's infrastructure so that operations can potentially be resumed after the war ends.

"We have concluded that we can no longer safely operate ArcelorMittal Kryvyi Rih," stated Mauro Longobardo, CEO of ArcelorMittal.

Due to the closure of the Ukrainian subsidiary, ArcelorMittal expects approximately US$1 billion in non-cash impairment losses on property, plant and equipment.

For reference: ArcelorMittal Kryvyi Rih is the largest enterprise in Ukraine's mining and metallurgical sector, featuring a full production cycle from iron ore mining to finished steel products.

Background: On 17 August, ArcelorMittal reported a missile strike that damaged key energy and blast furnace facilities. At that time, two people were killed, 13 were injured and part of the production process was halted.

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