ArcelorMittal recorded about €1.02 billion in charges against its idled Kryvyi Rih steel operations in Ukraine, reporting the costs in its third-quarter results on November 5, 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 exceptional-charge amount was converted from reported U.S. dollar figures using the latest available European Central Bank reference rate.
The impairment is principally an accounting reduction in the carrying value of assets, not a new cash payment of the same amount. The exceptional items relate to the consequences of placing the complex into an idled condition.
Restart remains on hold
ArcelorMittal kept production suspended after concluding that a safe and sustainable restart was not practicable. In September, the company informed the Ukrainian government it could not restart the complex safely and sustainably.
The decision followed four missile strikes over five weeks, which killed five people, injured 17 and caused extensive damage to production facilities. The company said it had sought during the war to maintain employment, assets and operating capability, while providing substantial support to its Ukrainian subsidiary.
ArcelorMittal said it would prioritise securing and preserving the facilities, meeting environmental requirements and retaining the possibility of reopening when conditions allow. It has announced no firm repair budget or restart date, and has set no timetable for normal production.
Investment needs remain uncertain
Kryvyi Rih is 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 linked to local employment and industrial suppliers.
Prolonged inactivity affects finished-steel output, suppliers, contractors, logistics providers and regional public revenues. The charges also highlight asset-replacement risk for lenders and investors considering post-war recovery projects, and the importance of insurance, security, infrastructure and reliable energy supply.
The quarterly costs establish a large present financial loss but do not determine the capital required for reconstruction; that will depend on future surveys and the condition of surviving equipment. The charges do not mean the site has been permanently abandoned. A return to production would require improved security, technical assessment, finance and a credible operating environment, leaving the timing and investment requirement unresolved.
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