Russian strikes shut ArcelorMittal plant

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ArcelorMittal announced a $1 billion non-cash impairment charge due to repeated Russian missile strikes on its Kryvyi Rih steel plant in Ukraine. The attacks have caused significant damage, including casualties, and the company is discussing options for restarting production when peace returns.

Steelmaker ArcelorMittal said on Friday it expected to book a non-cash impairment charge of around $1 billion after telling the Ukrainian government it could not restart operations at its ArcelorMittal Kryvyi Rih subsidiary in a safe and sustainable manner following repeated missile strikes.Russian strikes on the Kryvyi Rih plant in August and September damaged production facilities, with four attacks over the past five weeks killing five and injuring 17, one of whom remains in a critical condition.The $1 billion charge mainly reflects damage to property, the plant and equipment. ArcelorMittal has provided more than $700 million in financial support to the unit to ensure continuity of operations since the war started. It will focus on preserving infrastructure while discussing the future of the plant with the government, so that options for restarting production remain available when peace returns, the unit's CEO Mauro Longobardo said.