ArcelorMittal unable to restart its Kryvyi Rih plant and expects approximately 1 billion dollars in impairment charges
The steelmaker has informed the Ukrainian government that it is unable to safely resume operations of its Kryvyi Rih subsidiary following a series of missile strikes. The group expects to record an impairment charge of approximately 1 billion dollars.
Four missile strikes in five weeks, five deaths and seventeen injured
ArcelorMittal announced on September 25, 2026 that it is no longer able to operate ArcelorMittal Kryvyi Rih, its Ukrainian subsidiary, in a safe and sustainable manner. Following statements published on August 17 and September 14, the group indicates that the site has been targeted by four missile strikes over the past five weeks, the most recent on September 21.
These attacks resulted in five deaths and seventeen injured among employees, one of whom remains in critical condition. They also caused extensive damage to production facilities.
Preserving infrastructure for a potential restart
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The group indicates it is discussing the future of the plant with the Ukrainian government and wants to focus on preserving the infrastructure so that production resumption options remain available when peace returns. According to Mauro Longobardo, Chief Executive Officer of ArcelorMittal Kryvyi Rih, the company can no longer operate the site safely.
Since the beginning of the war in February 2022, ArcelorMittal states that it has made the safety and economic security of its Ukrainian employees its priority. The group specifies that it has provided financial support of over 700 million dollars to its subsidiary to ensure continuity of operations.
Impairment charge of approximately 1 billion dollars
ArcelorMittal expects to record a non-cash impairment charge of approximately 1 billion dollars, primarily reflecting the depreciation of the tangible fixed assets of ArcelorMittal Kryvyi Rih.
« Looking ahead, we remain very positive. » ; « Outlook across the near, medium and long term remains positive »
Risks mentioned
Ukraine operations idled following multiple missile strikes with safety and logistical challenges; future cash spend expected to be limited
Temporary $2.5bn working capital investment during 9M 2026 creating near-term cash drag, though expected to unwind in 4Q
Weather disruption in Liberian mining and lagged benefit of higher steel prices yet to be reflected in Europe segment results
Opportunities identified
Enhanced EU trade measures beginning to rebalance European steel market fundamentals with all European blast furnaces back in operation
Strategic growth projects (3.9Mt EAF capacity by 2029 in Europe, Liberia ramp-up) supporting medium to long-term earnings growth
Group shipments in 2H 2026 expected to exceed 1H 2026; flat shipment growth expected to accelerate in 4Q with double-digit year-on-year increase
Outlook / guidance
Management commentary: The 9M 2026 investment in working capital of $2.5bn is expected to largely unwind in 4Q 2026, supporting a healthy cash generation and continued returns to shareholders and lower net debt.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
