ArcelorMittal has concluded that it cannot safely and sustainably restart operations at its Kryvyi Rih steelworks in Ukraine following four missile strikes over five weeks, which caused fatalities, injuries and extensive damage to production facilities.
The attacks killed five people and injured 17 employees, one of whom remains in critical condition. The latest strike occurred on September 21.
The company is discussing the plant’s future with the Ukrainian government and will focus on preserving its infrastructure to keep open the possibility of restarting production when peace returns, according to ArcelorMittal Kryvyi Rih CEO Mauro Longobardo.
ArcelorMittal has provided more than USD 700 mln in financial support to its Ukrainian subsidiary since the start of the war in February 2022. The company expects to record a non-cash impairment charge of around USD 1 bln, principally reflecting the impairment of property, plant and equipment at the Kryvyi Rih facility.
ArcelorMittal Kryvyi Rih is one of Ukraine’s major integrated steel producers, with operations covering iron ore mining and processing as well as steelmaking and long steel production.