Tag

Arcelormittal

All articles tagged with #arcelormittal

economy-and-war9 days ago•3 min saved

Russian missile campaign effectively halts Ukraine's steel industry, threatening economic collapse

Russian missile strikes have effectively shut down Ukraine's steel sector, with major plants in Zaporizhzhia and Kryvyi Rih ceasing operations. The industry, which previously contributed 10-15% of GDP, now faces near-zero output, threatening jobs, tax revenue, and defense capabilities. ArcelorMittal has written off $1 billion in assets, while Metinvest reports 17 missiles hit its Zaporizhstal facility, killing eight workers. Experts warn of a humanitarian crisis as cities lose 30-70% of their budget funding.

via bbc.com|

#arcelormittal #economy #economy-and-war

economy12 days ago•4 min saved

Ukraine’s steel sector faces collapse as Russian strikes and EU trade barriers mount

Ukraine’s steel industry is on the verge of total collapse after ArcelorMittal suspended production at its largest plant in Kryvyi Rih following four Russian missile strikes in five weeks. The sector, which contributed 7% of GDP last year, has suffered at least nine ballistic missile attacks since August, causing approximately $100 million in damages. While Moscow targets critical equipment like blast furnaces, Brussels’s new trade rules and carbon taxes further restrict market access. Industry leaders are urging the EU to remove Ukraine from its tariff regime and establish a recovery fund to prevent the loss of tens of thousands of jobs and the destabilization of the broader economy.

via The Kyiv Independent|

#arcelormittal #economy #eu-trade-policy

geopolitics13 days ago

ArcelorMittal Halts Ukraine’s Largest Steel Plant After Deadly Russian Strikes

ArcelorMittal has suspended operations at its Kryvyi Rih plant, Ukraine’s largest steel facility, following four Russian missile strikes in five weeks that killed five workers and injured 17. The closure marks a critical blow to Ukraine’s steel sector, which previously accounted for 15% of national exports. While the company aims to preserve infrastructure for a future restart, the move coincides with broader Russian attacks on civilian infrastructure and Zelenskyy’s appeal for increased Western financial and military support.

via Politico|

#arcelormittal #economic-impact #geopolitics

war-in-ukraine1 month ago•12 min saved

Kryvyi Rih Plant Hit, Kyiv Book Market Destroyed in Latest Attacks

Russian missiles and drones struck Ukraine on Aug. 16, hitting the ArcelorMittal Kryvyi Rih mining/metallurgical plant (killing two workers and injuring about 13) and triggering a large fire at the Petrivka book market in Kyiv, while President Zelensky said Russia launched a week-long barrage of drones, bombs and missiles and urged stronger air defenses.

via Kyiv Post|

#arcelormittal #kryvyi-rih #petrivka-book-market

business8 months ago•4 min saved

Taranto steelworks faces €7bn damages bid from state-linked buyer

Italy’s state‑backed Acciaierie d’Italia has sued ArcelorMittal in Milan for €7bn, alleging mismanagement of the Taranto steelworks after the government seized control from the Luxembourg group. The move comes as ArcelorMittal faces a separate Energy Charter Treaty arbitration against Italy, and as officials scramble to rescue Europe’s largest steel plant with investments and a viable industrial plan for its 10,000 workers.

via Financial Times|

#acciaierie-ditalia #arcelormittal #business

industry1 year ago•3 min saved

ArcelorMittal halts German green steel plans amid rising costs, unions warn of risks

ArcelorMittal has abandoned plans to convert German steel plants to green hydrogen use due to high energy costs and uncertainty, and may also close its biofuels plant in Belgium because of restrictive EU regulations, highlighting challenges in Europe's decarbonisation efforts and industrial competitiveness.

via Financial Times|

#arcelormittal #decarbonisation #eu-subsidies

business2 years ago•1 min saved

U.S. Steel Attracts High Bids Exceeding $40 per Share, Sources Reveal

U.S. Steel has reportedly received multiple bids in excess of $40 per share, causing its stock to rise. The sale process, which began in August with an unsolicited bid from Cleveland Cliffs, is nearing its conclusion. Cleveland Cliffs' current bid is higher than its original offer, potentially structured to mitigate anti-trust concerns. If successful, the merger would create a company accounting for a significant portion of flat-rolled and auto-grade steel in the U.S. ArcelorMittal also submitted a bid, with potential financing to offer $45 per share in all cash.

via CNBC|

#arcelormittal #bidding-process #business

tragedy2 years ago•1 min saved

Kazakhstan Mine Blast Claims Dozens of Lives, Sparks Government Intervention

A methane gas explosion at the Kostenko coal mine in Kazakhstan has claimed the lives of at least 45 miners, with one still missing. The mine is owned by ArcelorMittal, the world's largest steel producer, and operated by its local representative. Operations at the company's eight mines in the region have been suspended, and a criminal investigation has been launched. The Kazakh government and ArcelorMittal recently signed an agreement to transfer ownership of the mine to Kazakhstan. The mining sector contributes significantly to Kazakhstan's GDP.

via CNN|

#arcelormittal #coal-mining #explosion

accidentsdisasters2 years ago•1 min saved

"Deadly ArcelorMittal Mine Fire in Kazakhstan Leaves Dozens Dead and Missing"

At least 32 people have died and 14 are missing after a mine fire in Kazakhstan's Kostenko mine operated by ArcelorMittal Temirtau. The fire, suspected to be caused by a methane blast, led to the evacuation of 206 out of 252 people. Kazakh President Kassym-Jomart Tokayev declared a national day of mourning and ordered a halt to investment cooperation with ArcelorMittal Temirtau. The government and the company are working on finalizing a deal to nationalize the company, which operates the country's largest steel mill.

via Reuters|

#accidentsdisasters #arcelormittal #kazakhstan