ArcelorMittal suspends Kryvyi Rih operations and plans $1bn impairment

Steelmaking and mining operations at ArcelorMittal Kryvyi Rih have been suspended indefinitely. The company announced on Saturday, 26 September 2026, that it cannot safely or sustainably restart the facility following a devastating campaign of missile strikes. The closure of Ukraine's largest metallurgical enterprise marks a major escalation in wartime economic pressures across the region, arriving alongside a planned non-cash impairment charge of approximately US$1 billion to write down the value of damaged plant and equipment.

According to Martincid, the decision effectively concludes a four-year effort by the multinational steel giant to sustain Ukrainian industrial production through the full-scale conflict that began in February 2022. ArcelorMittal has injected more than US$700 million into the Kryvyi Rih subsidiary since the invasion to maintain operations, absorb production halts, and safeguard employees. Yet, the relentless pace of recent ballistic attacks has shattered those safety margins.

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Mezha noted that the cumulative damage to production facilities and ongoing safety hazards made any credible restart schedule impossible. ArcelorMittal Kryvyi Rih Chief Executive Officer Mauro Longobardo expressed deep regret over the suspension, praising the bravery of the local workforce who maintained mines and steel production under extreme duress.

"It is with deep regret that we have concluded that we are no longer able to safely operate ArcelorMittal Kryvyi Rih. Since the war started, our people in Ukraine have worked tirelessly to keep the mines and plant operating. They have been the embodiment of bravery, in circumstances most of us cannot begin to imagine. We are discussing the future of the plant with the Government of Ukraine and will focus on preserving the infrastructure, so when peace finally returns, options for restarting production remain available."

Mauro Longobardo, CEO of ArcelorMittal Kryvyi Rih, via Stock Titan

The operational shutdown reverberates far beyond the industrial heartland. According to reporting by Yahoo News, Russia's broader economic campaign has targeted multiple economic centers, forcing Ukraine's top three metallurgy companies—Metinvest, Interpipe, and ArcelorMittal Kryvyi Rih—to suspend steel production. Oleksandr Kalenkov, president of the Ukrainian steel association Ukrmetallurgprom, stated that the metallurgy sector has suffered at least nine separate ballistic missile attacks since August, costing steelmakers close to US$100 million.

The broader sectoral crisis threatens severe fiscal and structural consequences. Industry analysts warn that losing domestic output forces construction firms to import costlier European steel, which will drive up inflation and inflate reconstruction costs. Furthermore, closed Black Sea ports have driven up logistics expenses by 50% to 60% for overland rail routes, compounding financial strains on companies struggling to cover operational overheads. European Parliament member Karin Karlsbro criticized current EU trade policies in interviews with Yahoo News, urging Brussels to remove tariffs and support Ukrainian industrial infrastructure to prevent total economic collapse.

Despite halting active production, ArcelorMittal has clarified that the suspension is not a permanent closure. Company officials are maintaining an ongoing dialogue with the Government of Ukraine to protect remaining assets. The focus will shift immediately toward preserving site infrastructure so that future production options remain viable once security conditions improve.