ArcelorMittal has announced it cannot safely restart operations at its Ukrainian subsidiary, ArcelorMittal Kryvyi Rih, following multiple missile strikes. Over the past five weeks, the plant endured four attacks, resulting in five fatalities and 17 injuries. The most recent strike occurred on September 21, damaging production facilities and suspending primary steel production.
ArcelorMittal expects to record a non-cash impairment charge of approximately $1 billion, primarily reflecting damage to property, plant, and equipment at the Kryvyi Rih facility. This decision follows over $700 million in financial support provided by ArcelorMittal to its Ukrainian operations since the conflict began in February 2022.
The shutdown of ArcelorMittal Kryvyi Rih, along with two Metinvest facilities, has effectively halted 90% of Ukraine's steel production. Russian ballistic missile strikes targeted the blast furnaces of these three largest steel plants, impacting over 15,000 employees. Oleksandr Vodoviz, head of the CEO’s office at Metinvest, stated that Russia deliberately targeted key assets, leaving Ukraine without a steel industry.
Engineers are currently unable to provide definitive timelines for restoring operations, with the shutdown posing significant economic repercussions for Ukraine's wartime economy, including losses in tax revenues and foreign currency earnings. For instance, Zaporizhstal reported a net loss of $23.7 million in the first half of 2026, compared to a net profit of $30.7 million in the same period of 2025.
