Russian airstrikes halt production at Ukraine's largest steel mill

(Seoul = Yonhap News) Reporter Go Il-hwan = Ukraine's largest steel mill halted production as Russian airstrikes intensified, Reuters reported on the 25th (local time).

The steel mill that has stopped operating is the Kryvyrikh Steel Mill operated by steel company ArcelorMittal in southeastern Ukraine.

ArcelorMittal said the steel mill had been attacked four times in the past five weeks, causing extensive damage, including the deaths of five workers, and that "safe and sustainable operations are no longer possible."

The company plans to focus on preserving infrastructure so that production can resume when peace returns.

This business, which also operates an iron ore mine, employs approximately 12,500 employees and 3,500 workers from partner companies.

Due to the suspension of production at this steel mill, which produced 1.7 million tons of steel last year, the company expected to reflect a non-cash impairment loss of about $1 billion (about 1.36 trillion won) in its books.

This production suspension is expected to be an additional blow to the Ukrainian steel industry, which is suffering from Russian attacks.

Ukraine's steel industry previously accounted for 15% of total exports, but has been under pressure from Russian attacks and restrictions from the European Union, its largest trading partner.

Russia has recently been strengthening its airstrikes across Ukraine by mobilizing ballistic missiles and drones.

The targets of attacks have also expanded to include companies, logistics networks, Black Sea port facilities, and civil infrastructure.

Reuters reported that as tax revenue decreases due to the economic damage from such attacks, the financial burden on the Ukrainian government to finance the war is increasing.

Meanwhile, seven people, including a 14-year-old boy, were killed in a Russian airstrike in the capital Kiu.

Chiiu Mayor Vitali Klitschko said 59 people were injured in the attack, 25 of whom were being treated in hospital.

According to a United Nations count, at least 200 civilians have been killed in Russian attacks in Ukraine this month.

Ukraine is also strengthening its attacks on Russian defense and energy facilities.

A recent drone attack in Ukraine halted operations at the Novosakhtinsk oil refinery in Russia's Rostov region.

Russian President Vladimir Putin said the Ukrainian military had launched attacks on all fronts and insisted that the effects of retaliatory attacks be felt.