Ukraine’s largest steel plant unable to restart after four Russian missile strikes
ArcelorMittal Kryvyi Rih, Ukraine’s largest steel plant, cannot safely restart operations after being hit by four Russian missile strikes in five weeks, its parent company said.
The attacks killed five employees and injured 17, including one who remains in critical condition, ArcelorMittal said. The most recent strike hit the plant on Sept. 21.
The company said the strikes caused extensive damage to production facilities and that it had informed the Ukrainian government it was unable to restart the plant “in a safe and sustainable manner.”
“It is with deep regret that we have concluded that we are no longer able to safely operate ArcelorMittal Kryvyi Rih,” CEO Mauro Longobardo said.
The company is now discussing the plant’s future with the Ukrainian government and plans to preserve its infrastructure so that production could potentially resume after the war.
ArcelorMittal expects to record a non-cash impairment charge of about $1 billion, primarily reflecting the reduced value of property, plant and equipment at the Kryvyi Rih facility.
The company has provided more than $700 million to support continued operations at the plant since Russia launched its full-scale invasion in February 2022.
The shutdown comes amid a broader crisis for Ukraine’s steel industry. ArcelorMittal and Metinvest previously said plants affected by Russian strikes had accounted for around 90% of the country’s steel production and are currently not operating.
Metinvest’s Zaporizhstal plant has been offline since Aug. 11 and was hit by 17 ballistic missiles over the following month, according to the company. Another Metinvest facility, Kametstal in Kamianske, stopped operating after a Russian missile strike in early September.