ArcelorMittal takes $1bn hit after Russian strikes at Kryvyi Rih
Business
ArcelorMittal is taking a $1 billion hit after its Kryvyi Rih plant in Ukraine was damaged by Russian missile strikes in August and September.
The strikes damaged production facilities, left five people dead and 17 injured, and have forced the company to pause operations for now.
CEO Mauro Longobardo prioritizes plant infrastructure
Since the conflict began, ArcelorMittal has put more than $700 million toward keeping things running.
CEO Mauro Longobardo says protecting the plant's infrastructure is top priority so they can get back to work when it's safe.
Mauro Longobardo, CEO of the unit, said the plant will focus on preserving infrastructure while discussing the future of the plant with the government, so that options for restarting production remain available when peace returns.