"ArcelorMittal Kryvyi Rih", largest steel plant, is suspending operations
ArcelorMittal has decided to suspend operations at its "ArcelorMittal Kryvyi Rih" steel plant following four missile strikes over the past five weeks.
According to Censor.NET, the company announced this decision.
The most recent attack on the plant occurred on September 21. In total, five employees were killed and 17 others were injured as a result of the four strikes. One of the injured is in critical condition.
The plant’s CEO, Mauro Longobardo, stated that after assessing the situation, the company concluded that it was impossible to safely continue operations at the plant.
The company will preserve the plant’s infrastructure
ArcelorMittal plans to focus on preserving the infrastructure and production capacity of "ArcelorMittal Kryvyi Rih."
The company noted that this should allow for the resumption of production once the war ends.
"We have concluded that we can no longer safely operate ArcelorMittal Kryvyi Rih," said Mauro Longobardo.
ArcelorMittal expects approximately $1 billion in non-cash losses
Due to the shutdown of its Ukrainian plant, ArcelorMittal expects approximately $1 billion in non-cash losses.
This refers to the impairment of the plant’s property, production capacity, and equipment.
