ArcelorMittal Kryvyi Rih is suspending operations at its Foundry and Mechanical Plant (LMZ) in three months, impacting over 1,700 jobs. Total job cuts will exceed 2,400 as the blooming shop also closes.

The company blamed soaring electricity costs, which spiked due to infrastructure attacks and expensive imports. These conditions caused steel production to become economically unviable.

Besides, the EU's Carbon Border Adjustment Mechanism (CBAM) took effect in 2026 without exemptions for Ukraine. This policy blocked access to European markets, drying up orders for LMZ.