Ukrainian Steel Plant Halted
ArcelorMittal Halts Ukrainian Plant Operations Following Deadly Missile Strikes
Anonymous
Key Points
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One of the 17 injured employees remains in critical condition.
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The latest strike occurred on September 21; the company’s announcement followed earlier statements issued on August 17 and September 14 about attacks on the site.
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The company said employees from across ArcelorMittal rallied to support Ukrainian colleagues and that local measures were put in place to support employees and their families.
ArcelorMittal announced it cannot safely restart its Kryvyi Rih steelworks in Ukraine after four Russian missile strikes over five weeks killed five employees and injured 17 others. Yahoo Finance reported that the company expects a non-cash impairment charge of about $1 billion tied to damaged property and equipment. The plant, one of Ukraine's largest steel facilities, will remain shuttered while the company discusses its future with the Ukrainian government.
The latest strike hit on September 21, following earlier attacks reported on August 17 and September 14. Steel Market Update noted that ArcelorMittal has provided over $700 million in support to its Ukrainian subsidiary since Russia's full-scale invasion began. One of the 17 injured workers remains in critical condition.
Devastating Toll From Five Weeks of Attacks
The Kryvyi Rih plant endured four separate Russian missile strikes between mid-August and late September. Stock Titan reported that these attacks killed five workers and wounded 17 others. The strikes caused extensive damage to production facilities, making safe operations impossible. One injured employee's condition remains critical, while support measures have been put in place for affected staff and their families.
ArcelorMittal Plans $1 Billion Writedown on Infrastructure
The company will record approximately $1 billion in non-cash impairment charges, mostly reflecting damage to the site's property and equipment. Yahoo Finance stated that ArcelorMittal is preserving the plant's infrastructure despite the shutdown. This approach allows operations to potentially resume if security conditions improve. The Ukrainian government is involved in discussions about the facility's long-term status.
Years of Investment Undermined by War
Since Russia's 2022 full-scale invasion, ArcelorMittal has invested more than $700 million supporting its Ukrainian subsidiary. Archynetys highlighted that this story has drawn major media coverage in the global business and conflict categories. The Kryvyi Rih steelworks represents one of Ukraine's most important industrial assets. The closure impacts both the company's operations and Ukraine's capacity to sustain its economy during wartime.
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