ArcelorMittal recorded approximately €1.02 billion in impairment and exceptional charges linked to its idled Kryvyi Rih steel operations in Ukraine, according to its third-quarter results reported on 5 November 2026. The charges contributed to a quarterly net loss even as the company’s adjusted underlying earnings increased.
The results included €756 million of impairments and about €260 million of exceptional charges. The latter amount was converted from reported US-dollar figures using the latest available European Central Bank reference rate.
The impairment is principally an accounting reduction in the carrying value of assets, rather than a new cash payment of the same amount. The exceptional items relate to the consequences of placing the Kryvyi Rih complex into an idled condition.
Restart remains suspended
ArcelorMittal kept production at the complex suspended after concluding that a safe and sustainable restart was not practicable. In September, it informed the Ukrainian government that it could not safely and sustainably restart the site.
The decision followed four missile strikes over five weeks. The attacks killed five people, injured 17 and caused extensive damage to production facilities.
During the war, ArcelorMittal said it had sought to maintain employment, assets and operating capability, while providing substantial support to its Ukrainian subsidiary. It will prioritise securing and preserving the facilities, meeting environmental requirements and maintaining the possibility of reopening when conditions allow.
The company has announced no firm repair budget or restart date, and has set no timetable for normal production. The charges do not mean the site has been permanently abandoned.
Reconstruction requirements remain unresolved
Kryvyi Rih lies in Ukraine’s industrial heartland, where iron ore extraction, transport, steelmaking and downstream processing are economically interdependent. The steelworks’ production and associated mining activities are closely connected to local employment and industrial suppliers.
Prolonged inactivity affects finished-steel output, suppliers, contractors, logistics providers and regional public revenues. For lenders and investors considering post-war recovery projects, the charges highlight asset-replacement risk and the importance of insurance, security, infrastructure and reliable energy supply.
The quarterly charges establish a large present financial loss but do not determine the capital required for reconstruction. That requirement will depend on future surveys and the condition of surviving equipment. A return to production would require improved security, technical assessment, finance and a credible operating environment. ArcelorMittal’s decision preserves the option of restarting the asset, while leaving the investment requirement and timing of recovery unresolved.
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