ArcelorMittal halts Ukraine steel plant after Russian missile attacks

ArcelorMittal announced Friday, September 25, that it can no longer safely resume operations at its steel plant in Kryvyi Rih, Ukraine, following four Russian missile attacks on the facility. The company informed the Ukrainian government of its decision, citing attacks over the past five weeks that killed five people and injured 17 employees. The most recent strike occurred on September 21, causing significant damage to production installations. ArcelorMittal has supported its Ukrainian operations with over $700 million since the war began but now estimates an approximate $1 billion write-down of its Kryvyi Rih assets. The Luxembourg-based steel giant, which operates in 60 countries, said it will focus on preserving infrastructure for potential future production.