ArcelorMittal halts Kryvyi Rih steel plant in Ukraine after missile strikes kill five

Repeated missile strikes force shutdown

ArcelorMittal announced on 25 September 2026 that it has halted operations at its Kryvyi Rih metallurgical complex in central Ukraine. The facility, which is the largest steel plant in the country, was struck by four missile attacks over five weeks leading up to the decision. The strikes killed five workers, injured 17 employees, and left one person in critical condition while causing severe damage to production infrastructure. The most recent missile strike occurred on 21 September 2026, following earlier attacks addressed in company notices on 17 August and 14 September. Company management concluded that the safety of the workforce could no longer be maintained under ongoing bombardments.

With deep regret, we have concluded that we can no longer safely operate ArcelorMittal Kryvyi Rih.

Financial toll and asset impairment

The Luxembourg-based steel producer expects to record a non-cash impairment charge of approximately $1 billion (around 878 million euros) linked to the revaluation of its Kryvyi Rih assets. Since the outbreak of full-scale war in February 2022, ArcelorMittal had transferred more than $700 million (615 million euros) in financial aid to sustain the Ukrainian subsidiary. Despite operating at reduced volumes, the company avoided layoffs and continued paying salaries for roughly 17,500 workers at the site. Oddo BHF analyst Maxime Kogge noted that halting operations terminates ongoing cash drains from a business unit that had remained unprofitable throughout the conflict. Global revenues for the parent company stood at approximately $61.4 billion in 2025.

Operational hurdles during wartime

The Kryvyi Rih complex, which produced its first metal in 1934 and joined ArcelorMittal in 2005, faced logistical disruption throughout the war. Russian forces occupied key mines supplying metallurgical coal, an essential input for steel production alongside iron ore. In addition, export and import ports faced regular mine blockages, while electricity shortages and power cuts doubled or tripled industrial power costs. In 2025, mining operations at the site ran at 73% capacity while steel output reached 35% capacity, generating 1.7 million tonnes of long steel compared with normal site capacity of about 5 million tonnes.

Market impact and infrastructure preservation

Kryvyi Rih production represented roughly 3% of ArcelorMittal's global output, which totalled 55.6 million tonnes of steel and 48.8 million tonnes of iron ore in 2025 across operations in 60 countries. Oddo BHF analyst Maxime Kogge stated that while the global supply impact remains limited, the shutdown adds pressure to European steel markets where the Ukrainian subsidiary exported most of its output. The plant is located near the hometown of Ukrainian President Volodymyr Zelensky. Plant leadership confirmed ongoing discussions with the Ukrainian government to mothball equipment and protect core infrastructure for an eventual restart.

We will focus on the preservation of infrastructure so that, when peace finally returns, options for the resumption of production remain feasible.