ArcelorMittal shuts down Ukraine's largest steel plant following Russian attacks

ArcelorMittal is suspending operations at ArcelorMittal Kryvyi Rih, Ukraine's largest steelmaking plant, after being targeted by four missile strikes in the space of five weeks.

Source: ArcelorMittal

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

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

ArcelorMittal CEO Mauro Longobardo said: "We have concluded that we are no longer able to safely operate ArcelorMittal Kryvyi Rih."

Due to the closure of its Ukrainian subsidiary, ArcelorMittal expects to record a non-cash impairment charge of approximately US$1 billion, reflecting the impairment of property, plant and equipment.

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

Background: On 17 August, ArcelorMittal reported that key energy and blast furnace facilities had been damaged in a missile strike. Two people were killed and 13 injured, and the production process was partially halted.

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