ArcelorMittal Shuts Ukraine Steel Plant After Russian Missile Strikes

Steelmaker ArcelorMittal has completely halted operations at its Kryvyi Rih plant, the largest steel facility in Ukraine, citing an inability to safely and sustainably operate. The decision follows four Russian missile and drone strikes over a five-week period, including a strike on September 21 that killed five people and injured 17 employees. The company expects to record a non-cash impairment charge of approximately $1 billion due to extensive damage to property and equipment.

The shutdown impacts roughly 12,500 employees and 3,500 contractors. The facility previously accounted for 23 percent of Ukraine's steel output and the company had provided $700 million in financial support to maintain the site since February 2022. Mauro Longobardo, CEO of ArcelorMittal Kryvyi Rih, stated the company is coordinating with the Government of Ukraine to preserve infrastructure so that production might resume after the war.

These industrial strikes occurred alongside broader escalation. Russian attacks on Friday killed seven people in Kyiv, including a 14-year-old boy. President Volodymyr Zelenskyy described the strikes as "absolutely savage and sickening," while President Vladimir Putin claimed Ukrainian forces had instigated attacks "on every front" and should face retaliation. Ukraine responded by targeting Russian oil refineries in the Rostov and Perm regions and a defense enterprise in Ulyanovsk to undermine Moscow's war revenues.