ArcelorMittal has announced the shutdown of production at Ukraine’s largest steel plant after repeated strikes caused extensive damage and made continued operations unsafe. The company said it had informed the Ukrainian government that safe and sustainable production at the Kryvyi Rih facility was no longer possible.
The plant has been hit four times in five weeks, with five workers killed in the attacks. The shutdown adds further pressure to Ukraine’s steel industry, which has faced major disruption from ongoing attacks and restrictions affecting trade.
The company also expects to record an impairment charge of around $1 billion following the decision to halt operations.