Market Chatter: ArcelorMittal to Shut Down Steelmaking Production Unit in Ukraine in Q2

MT Newswires Live01-26

ArcelorMittal (MT) Kryvyi Rih is set to shut down a production unit in Ukraine in Q2, citing the impacts of EU environmental policy and high power costs in the country due to Russian military attacks on energy infrastructure, Reuters reported Monday, citing the steelmaker.

The EU's Carbon Border Adjustment Mechanism, a carbon tax based on emissions applied on Jan. 1, effectively closes the export of a significant portion of Ukrainian metallurgical products.

The policy means an additional $60 to $90 per ton access cost to the EU market and caused the company's European customers to halt all orders, according to a letter published on the company website from ArcelorMittal Kryvyi Rih CEO Mauro Longobardo.

The company did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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