ArcelorMittal Shuts Plant in Kryvyi Rih Due to Russian Strikes, Expects $1B Impairment Charge
One of Ukraine’s largest foreign manufacturers of steel products, ArcelorMittal, halted operations in Kryvyi Rih completely after four Russian missile strikes killed five people and injured 17 over the past five weeks. The company expects to record a non-cash impairment charge of about $1 billion.
In brief: One of Ukraine’s largest foreign manufacturers of steel products, ArcelorMittal, halted operations in Kryvyi Rih completely after four Russian missile strikes killed five people and injured 17 over the past five weeks. The company expects to record a non-cash impairment charge of about $1 billion.
One of Ukraine’s largest foreign manufacturers of steel products, ArcelorMittal, completely halted operations at a plant in Kryvyi Rih after facing persistent Russian missile and drone strikes.
The company expects to record a non-cash impairment charge worth about $1 billion, according to a statement published on its official website.
Follow our coverage of the war on the @Kyivpost_official .
“The strength and resilience shown by ArcelorMittal Kryvyi Rih’s workforce throughout the conflict has been extraordinary,” the company’s CEO, Mauro Longobardo said, adding that “it is with deep regret that we have concluded that we are no longer able to safely operate ArcelorMittal Kryvyi Rih.”
The future of the plant is being discussed with Ukraine’s government, with focus on preserving the infrastructure so that the future operations can continue when Russia’s war is over.
Since the beginning of Russia’s full-scale invasion in February 2022, ArcelorMittal provided roughly $700 million in financial support to keep the subsidiary – located in President Volodymyr Zelensky’s hometown – running.
The impairment mainly reflects the loss in value of the unit’s property, plant and equipment.
Reuters , citing analysts at J.P. Morgan, said the impairment was not expected to affect the company’s earnings before interest, taxes, depreciation and amortization (EBITDA), despite possible sectoral losses in third and fourth quarters.
Supply disruptions at Ukrainian sites could tighten Europe’s supply of hot-rolled coil steel and support prices, the analysts added.
ArcelorMittal, Europe’s largest steel producer, operates in 60 countries and generated revenues of $61.4 billion in 2025, according to the company.
ArcelorMittal Kryvyi Rih is one of Ukraine’s largest steelmakers and a major foreign investment in the country. As a full-cycle producer, it mines iron ore and turns it into finished steel, specializing in long products such as rebar and wire rod.
The complex can produce more than 6 million tons (roughly 12 billion lbs) of steel, over 5 million tons (about 10 billion lbs) of rolled products and 5.5 million tons (approximately 11 billion lbs) of cast iron per year, according to Forbes Ukraine .
In 2025, the plant produced 1.7 million tons (3.4 billion lbs) of steel and 1.6 million tons (3.2 billion lbs) of rolled products, accounting for 23% of Ukraine’s steel output and 24% of its rolled steel.
That made it the country’s second-largest plant after Zaporizhstal , Forbes Ukraine reported.
The company exports mainly to the EU, the Middle East, North Africa and the US.
Last year, it generated Hr. 70.6 billion ($1.6 billion) in revenue but recorded a net loss of Hr. 8.9 billion ($199 million).
The company’s shutdown follows a sharp escalation of Russian attacks on Ukraine’s metallurgical sector in August.
According to Forbes Ukraine, Ukraine’s three main steel plants, which together accounted for about 90% of national steel production, have now halted operations after repeated Russian missile strikes.
In 2022 , the Kryvy Rih facility suffered a major Russian missile strike that killed one employee and destroyed a section of the plant.
Overnight on Aug. 16, a Russian missile strike killed two workers and injured 13 others , while also damaging key energy and blast furnace units, forcing the plant to partially halt production.
The most recent attack, according to the company’s official website, happened on Monday, Sept. 21.
Ukrainska Pravda separately reported that Russian forces launched ballistic missiles on the Dnipropetrovsk region overnight on Sept. 21-22, with industrial facilities reportedly struck in the cities of Dnipro, Kryvyi Rih and Pavlohrad.
Kyiv Post is Ukraine’s first and oldest English news organization, reporting since 1995. Its international reach – 97% of readers are outside of Ukraine – make it truly Ukraine’s global voice.