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ArcelorMittal says it cannot restart Kryvyi Rih after four missile strikes, expects $1 billion impairment

ArcelorMittal says it cannot safely restart Kryvyi Rih after four missile strikes in five weeks, and expects a non-cash impairment of about $1 billion.

By Loharo EditorialPublished Updated 2 min read
Idle steelworks with cold blast furnaces under an overcast sky
Illustration of an idle, mothballed steelworks with cold blast furnaces

ArcelorMittal has told the Ukrainian government it cannot restart its Kryvyi Rih steelworks and mines safely after four missile strikes in five weeks. It expects to book a non-cash impairment of about $1 billion.

What happened

In a regulatory statement on 25 September 2026, ArcelorMittal said ArcelorMittal Kryvyi Rih had been hit four times in the previous five weeks, most recently on 21 September (ArcelorMittal release). The attacks killed five people, injured 17 employees and caused extensive damage to production facilities.

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  • The company says it is discussing the plant’s future with the government and will focus on preserving the infrastructure, so production could restart once there is peace.
  • Since 2022, ArcelorMittal has put more than $700 million into keeping the Ukrainian subsidiary running.
  • It expects a non-cash impairment charge of around $1 billion, mainly on property, plant and equipment.

Earlier strikes had been reported in ArcelorMittal statements on 17 August and 14 September.

Why it matters for steel buyers

Kryvyi Rih combines a steel plant and iron ore mines. Its stop removes one of the few Ukrainian producers that kept operating through the war.

Uncertain We have not found official figures for Kryvyi Rih’s recent exports to the EU, so we cannot size the gap. In general, Ukrainian semis, pig iron and iron ore have been a source of supply for some EU rerollers and mills, and buyers who relied on that material will need other sources. Under the new EU quota regime, alternative origins may face tighter limits; see our guide to the quota and melt-and-pour rules. The case is also a reminder to treat war-zone suppliers as a concentration risk, as covered in our counterparty risk checklist.

What to watch

  • ArcelorMittal’s talks with Kyiv on the plant’s future, including any change of ownership or state role.
  • Whether the mines restart separately from the steel plant.
  • The impairment and any further detail in ArcelorMittal’s next quarterly results.

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Sources

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By Loharo Editorial. Facts, analysis and uncertainty are labelled in line with our editorial standards. Report an error – corrections are dated and noted on the article. Information and analysis only, not investment advice.

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