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# Too Dangerous to Operate: ArcelorMittal Shuts Ukraine's Biggest Steel Plant
- URL: https://www.theglobalvoice.com/too-dangerous-to-operate-arcelormittal-shuts-ukraines-biggest-steel-plant/
- Published: 2026-09-26T07:44:13.000Z
- Updated: 2026-09-26T07:44:13.000Z
- Description: ArcelorMittal has halted Ukraine's largest steel plant after four missile strikes in five weeks killed five workers, and will book a $1 billion impairment. With 12,500 jobs at stake in Zelenskyy's hometown, one of Ukraine's biggest foreign investors is stepping back from the war zone.
- Author: TGV Desk
- Tags: Ukraine, Russian Federation, conflict, Trade, The Day So Far, Live Wire, has-audio

ArcelorMittal has suspended operations at [ArcelorMittal Kryvyi Rih](https://en.wikipedia.org/wiki/ArcelorMittal%5FKryvyi%5FRih?ref=theglobalvoice.com), Ukraine's largest steel plant, after four missile strikes in five weeks. The most recent strike hit on September 21\. The attacks killed five employees and injured 17, one of whom remains in critical condition. The company has told the Ukrainian government that it cannot restart the plant in a "safe and sustainable" way.

"[It is with deep regret that we have concluded that we are no longer able to safely operate ArcelorMittal Kryvyi Rih," said Mauro Longobardo, CEO of the Ukrainian subsidiary](https://corporate.arcelormittal.com/media/news/regulatory-news/arcelormittal-announces-that-it-is-unable-to-safely-and-sustainably-restart-operations-at-arcelormittal-kryvyi-rih-following-multiple-recent-missile-strikes?ref=theglobalvoice.com). He said the company is discussing the plant's future with the government and will focus on preserving its infrastructure so that production can restart once peace returns.

> 🇺🇦🏭 Ukraine's steel industry is effectively dead — after Russian ballistic missile strikes knocked out all three remaining large steelworks since August: Zaporizhstal, Kametstal and ArcelorMittal Kryvyi Rih.  
>  
> Metinvest's assessment is blunt: "As of today, Ukraine no longer has a… [pic.twitter.com/0RQHoqbo1b](https://t.co/0RQHoqbo1b?ref=theglobalvoice.com)
> 
> — Military Summary (@MilitarySummary) [September 20, 2026](https://x.com/MilitarySummary/status/2101622424252871031?ref%5Fsrc=twsrc%5Etfw&ref=theglobalvoice.com)

The financial cost is substantial. The Luxembourg-based steelmaker, controlled by Indian-origin industrialist [Lakshmi Mittal](https://en.wikipedia.org/wiki/Lakshmi%5FMittal?ref=theglobalvoice.com)'s family, expects a non-cash impairment charge of about $1 billion. The charge mainly reflects the write-down of property, plant and equipment at the site. Since the full-scale war began in February 2022, the group has provided roughly $700 million in financial support to keep the subsidiary running.

The human stakes are even larger. The plant employs about 12,500 people and 3,500 contractors in Kryvyi Rih, President Volodymyr Zelenskyy's hometown. ArcelorMittal says it is assessing how many staff it needs to preserve and secure the site. It plans to work with employee representatives on measures to support workers. The company is Ukraine's largest metals and mining enterprise, running the full production cycle from iron ore mining to finished steel. In 2025, it produced 1.7 million tonnes of steel and 7.6 million tonnes of iron ore.

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The shutdown follows years of mounting pressure. The plant closed at the start of the invasion in 2022 and restarted in the autumn of that year at only 20 to 25% of capacity. A missile strike in 2022 killed one employee and destroyed part of the facility. More recently, on August 17, a strike damaged key energy and blast furnace facilities.

The war is not the only factor. The company has said the [EU's Carbon Border Adjustment Mechanism](https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism%5Fen?ref=theglobalvoice.com), introduced without exemptions for Ukraine, cost it orders, making the first quarter of 2026 a "real nightmare." Attacks on Ukraine's energy system also pushed electricity prices to record highs, peaking at up to $370 per megawatt-hour, which made production unprofitable. In January, the company shut one of its rolling mills. In February, it closed its foundry and machine shop. As early as September 2025, it had warned that it was considering leaving Ukraine altogether.

Analysts expect little effect on global steel markets, since the plant has run at significantly reduced capacity since 2022\. For Ukraine, however, the loss is serious. The steel sector once accounted for 15% of the country's exports, and it has now lost its biggest producer. The closure also sends a worrying signal about how long foreign investors can hold on in a country under fire.

ArcelorMittal's decision to preserve the plant rather than sell or dismantle it keeps a return possible. But with no ceasefire in sight, the lights at one of Europe's historic steelworks are going out for the foreseeable future.