ArcelorMittal Faces $1 Billion Blow As Missile Strikes Derail Ukraine Operations

ArcelorMittal SA (NYSE: MT ) said Friday it cannot safely and sustainably restart operations at its ArcelorMittal Kryvyi Rih plant in Ukraine after a series of missile strikes damaged the site and killed employees. The decision follows company statements issued on Aug. 17 and Sept. 14 after earlier attacks on the facility.

Four Missile Strikes Hit ArcelorMittal Kryvyi Rih ArcelorMittal said the Ukrainian operation was targeted by four missile strikes over the past five weeks. The latest attack occurred Sept. 21. The attacks killed five employees and injured 17 others.

One employee remains in critical condition. The strikes also caused extensive damage to production facilities. ArcelorMittal Kryvyi Rih CEO Mauro Longobardo said the company had concluded that it could no longer operate the site safely. The company is discussing the plant's future with the Ukrainian government.

For now, it plans to preserve key infrastructure so production could potentially restart after the war ends. Expects $1 Billion Impairment ArcelorMittal expects to record a non-cash impairment charge of about $1 billion. The charge will mainly reflect reduced value for property, plant and equipment at Kryvyi Rih. Since Russia's invasion of Ukraine began in February 2022, ArcelorMittal has provided more than $700 million in financial support to the Ukrainian operation.

The company said it has also introduced measures to support employees and their families during the conflict. See More: Top Value Stocks ArcelorMittal Stock Analysis ArcelorMittal stock rose nearly 2% in Friday's premarket session as broader risk appetite improved ahead of the opening bell. 36%. ArcelorMittal remains in a strong long-term uptrend.

44. 25 also remains above the 200-day average. That keeps the broader technical trend positive. However, near-term momentum has weakened.

36. At the same time, the stock is hovering near its 50-day average, making that level an important support zone. The MACD is below its signal line, while the histogram remains negative. That points to fading short-term momentum.

Resistance sits near $76, above the 20-day moving average. Support is near $72, close to the 50-day SMA. 50. Morgan Stanley initiated coverage with an Overweight rating and an $82 price forecast on Aug.

24. Wells Fargo maintained an Equal-Weight rating and raised its price forecast to $69 on July 31. JPMorgan upgraded the stock to Neutral on July 10. The stock trades at a price-to-earnings ratio of about 30 times.

ArcelorMittal Edge Rankings ArcelorMittal's Edge scorecard shows particularly strong momentum, value and quality readings. 56. 71. Overall, the Edge rankings point to strong price momentum and supportive valuation metrics, while underlying growth remains a weaker part of the profile.

57% portfolio weight. As a result, sizable inflows or outflows from the ETF could contribute to buying or selling pressure in ArcelorMittal shares. 53 during Friday's premarket session, according to Pro data. Image via Shutterstock Read Also: Zelenskyy Urges Trump to Bring Putin to Trilateral Peace Talks — Says Ukraine Is Ready 'Anytime' as Kremlin Calls Summit a 'Waste of Time'