ArcelorMittal told the Ukrainian government it cannot safely or sustainably restart operations at its Kryvyi Rih plant after multiple missile strikes.
The plant was hit in four separate attacks. The attacks took place over five weeks and caused extensive damage. They killed five people and injured 17.
The steelmaker will focus on preserving the plant’s infrastructure, with a potential restart once it is safe to do so. ArcelorMittal expects to record a non-cash impairment charge of approximately $1 billion because of the operational halt and facility damage.
Since the war began, the company has provided more than $700 million to its Ukrainian subsidiary to support operations.