ArcelorMittal says it will shut its Kryvyi Rih steel plant in Ukraine after repeated Russian missile strikes kill workers and damage key parts of the facility. The company tells the Ukrainian government it cannot restart operations there in a safe and sustainable way.
The outlets say the strikes affected the plant over August and September, with several attacks reported in recent weeks. ArcelorMittal reports that four attacks over a roughly five-week period killed five people and injured 17, with at least one patient in critical condition. The company expects to book a non-cash impairment charge of around $1 billion, primarily related to damage to property, the plant and equipment.
In terms of financial exposure and strategy, ArcelorMittal says it has already provided more than $700 million in financial support to keep the unit operating since the war began. The company says it will focus on preserving infrastructure while it discusses options for the plant’s future with the Ukrainian government, including potential restart scenarios if conditions improve.
