By Ed Frankl

 

ArcelorMittal is slowing down production at its major steel plant in Ukraine to "a technical minimum" and will stop production at its underground mines, the company said in a tweet Thursday.

The steelmaker runs one of Europe's biggest steel mills at Kryvyi Rih in central Ukraine, and has around 29,000 employees and contractors in the country.

"ArcelorMittal is deeply concerned about the developments in Ukraine and potential impact this will have on our colleagues in the country. Our priority is our people and we had developed plans to help them stay safe should the situation escalate in this way," the Luxembourg-based company said.

"As far as our plant is concerned, our team is working to slow down production to a technical minimum and production will be stopped at our underground mines," it added.

Earlier this month, ArcelorMittal said it had contingency plans in place should the situation in Ukraine escalate.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

February 24, 2022 07:56 ET (12:56 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
ArcelorMittal (EU:MT)
Historical Stock Chart
Von Jul 2022 bis Aug 2022 Click Here for more ArcelorMittal Charts.
ArcelorMittal (EU:MT)
Historical Stock Chart
Von Aug 2021 bis Aug 2022 Click Here for more ArcelorMittal Charts.