Ukraine: ArcelorMittal halts steelmaking operations in Kryvyi Rih

Global steel giant ArcelorMittal has stopped production at its Kryvyi Rih facility in Ukraine amid the ongoing conflict between the eastern European country and Russia.

In a statement, ArcelorMittal, which is owned by Indian-origin industrialist Lakshmi N Mittal, said "the decision to idle its steelmaking operations in Kryvyi Rih, Ukraine (has been taken) in order to ensure the safety and security of our people and assets."

The company has been evaluating the situation on a daily basis and production had previously been reduced with the plant operating at a technical minimum (approximately one-third of its normal production levels), the company said in the statement issued on Thursday.

The steelmaker further said it is deeply concerned about the situation in Ukraine and the threat to its employees and the entire Ukrainian population.

Luxembourg-headquartered ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries.

In India, the company runs a steel plant in Hazira, Gujarat in a joint venture with Japan-based Nippon Steel.