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(RTTNews) - ArcelorMittal S.A. (MT), a steel producer, on Friday announced that it is unable to safely and sustainably restart operations at its Ukrainian subsidiary, ArcelorMittal Kryvyi Rih, following multiple missile strikes.
The subsidiary was targeted by four missile strikes over the past five weeks.
The strikes resulted in five deaths and injured 17 employees.
The attacks also caused extensive damage to production facilities.
The company said the most recent attack occurred on September 21.
The company expects to record a non-cash impairment charge of approximately $1 billion, mainly related to property, plant and equipment at Kryvyi Rih.
The company has provided more than $700 million in financial support to the Ukrainian subsidiary since the start of the war in February 2022.
The company said it will focus on preserving the infrastructure so that options to restart production remain available when conditions allow.
In the pre-market trading, ArcelorMittal is 0.80% higher at $71.84 on the New York Stock Exchange.