ArcelorMittal Drops as Kazakhstan Takes Over Assets After Fire
- Kazakh government announces plans to take over local unit
- UBS flags risk that company’s shares de-rate on ESG concerns
Production at ArcelorMittal SA’s giant Ukrainian plant, which is close to the frontline of the war with Russia, has also been repeatedly disrupted
Photographer: Julia Kochetova/BloombergThis article is for subscribers only.
ArcelorMittal SA shares fell as much as 5.5% after the Kazakh government announced plans to take over the company’s operations in the country after its worst mining accident in recent history.
At least 45 workers were killed in an underground coal mine fire at the Kostenko facility that began on Saturday, according to Kazakhstan’s emergency ministry. Following the disaster, the country’s government said it had earlier reached a preliminary agreement with the steel giant.