ArcelorMittal (MT -7.9%) said it is slowing down production at its major steel plant in Ukraine to “a technical minimum” and stop production at its underground mines in the country, although all open-pit mining continues for now.
The steelmaker runs one of Europe’s biggest steel mills at Kryvyi Rih in central Ukraine, and has ~29K employees and contractors in the country.
Below-surface mines account for ~10% of ArcelorMittal’s Ukrainian mining operations.
ArcelorMittal recently reported Q4 EBITDA of $5.05B, nearly triple from $1.73B in the year-earlier quarter but well below $6.06B posted in Q3.
