A Ukrainian steel mill owned by ArcelorMittal closed on 3 March, shutting one the country’s largest pieces of industry after days of holding out as other foreign companies retreated in the face of Russia’s onslaught.
According to a report in US newspaper the Wall Street Journal, since the Russian invasion began last week, the Kryvyi Rih mill, located in the south of the country, had been operating at a third of its capacity and the open-pit iron-ore mines that feed it had remained open.
The mill was idled ‘to ensure the safety and security of our people and assets,’ ArcelorMittal, the world’s second-largest steel maker, said.
“ArcelorMittal is deeply concerned about the situation in Ukraine and the threat to our employees and the entire Ukrainian population."ArcelorMittal spokesperson
“ArcelorMittal is deeply concerned about the situation in Ukraine and the threat to our employees and the entire Ukrainian population," it said. The company added that it plans to restart production when conditions allow.
The knock-on impact of the closure at the plant and others in the country could contribute to already rising steel prices, analysts say, adding to wider inflationary pressure being stoked by Russia’s incursion.
Source: Wall Street Journal