ArcelorMittal stops production at Ukraine steelmaking operations
Mar. 03, 2022 10:52 AM ETArcelorMittal S.A. (MT)By: Carl Surran, SA News Editor
ArcelorMittal (MT -1.6%) turns lower after the company said it will halt its Kryvyi Rih steelmaking operations in Ukraine to ensure the safety and security of its people and assets; the company says it has started the process to idle all blast furnaces, which will take 7-10 days.
Kryvyi Rih is one of Europe's biggest steel mills, and ArcelorMittal has ~29K employees and contractors in Ukraine.
The steelmaker already had slowed production at its major steel plant in Ukraine to a "technical minimum" and stopped production at underground mines in the country while maintaining open-pit mining.
ArcelorMittal recently reported Q4 EBITDA of $5.05B, nearly triple from $1.73B in the year-earlier quarter but well below $6.06B posted in Q3.