ArcelorMittal has confirmed that it has taken a decision to idle its steelmaking operations in Kryvyi Rih, Ukraine, in order to ensure the safety and security of its employees and assets.
In a press release issued March 3, 2022, ArcelorMittal said it has been evaluating the situation on a daily basis and production had previously been reduced with the plant operating at a technical minimum (approximately one-third of its normal production levels).
“The process to idle all blast furnaces has commenced. The process to safely idle these assets while maintaining asset integrity will take between seven and ten days.
“ArcelorMittal is deeply concerned about the situation in Ukraine and the threat to our employees and the entire Ukrainian population,” the release noted.
ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2021, ArcelorMittal had revenues of US$76.6 billion and crude steel production of 69.1 million metric tones, while iron ore production reached 50.9 million metric tones.
The company is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).