ArcelorMittal is suspending operations at "ArcelorMittal Kryvyi Rih" - the largest steel plant in Ukraine - after four Russian missile strikes in the past five weeks, "Ukrainskaya Pravda" reports, citing a statement from the company.
The latest strike was carried out on September 21. A total of five people were killed and 17 other workers were injured in the four attacks; one of them remains in critical condition.
The company plans to focus on preserving the plant's infrastructure so that production can resume after the war ends.
"We have concluded that we can no longer safely operate "ArcelorMittal Kryvyi Rih", said Mauro Longobardo, the plant's CEO.
Due to the closure of the Ukrainian site, ArcelorMittal expects non-cash impairment charges of approximately $1 billion related to real estate, production facilities and equipment.
"ArcelorMittal Kryvyi Rih" is the largest enterprise in the mining and metallurgical sector of Ukraine, with a full production cycle - from ore extraction to the production of finished rolled metal products.
On August 17, ArcelorMittal reported a missile strike that damaged key energy facilities and blast furnace production facilities. The incident killed two people and injured 13, and some production processes were suspended.