Due to the Russo-Ukrainian War, Japan’s Nippon Steel stated that it is currently looking at alternative sources of iron ore from Brazil and Australia to purchase. Russia and Ukraine currently supply some 14% of their iron ore pellet feedstock.
The Luxembourg-based steel production company ArcelorMittal is closing its production in Russian mines, reducing its operations at its Kryvyi Rih Steel plant to a ‘technical minimum’. The company reportedly employs more than 20,000 people in Ukraine.
The conflict has also affected other mining companies with operations in Russia. Anglo-Russian precious metals miner Polymetal stated that it would continue its mining in Russia and Kazakhstan as the current sanctions have not affected its operations. The company stated that whilst ‘targeted sanctions on the company remain unlikely,’ the possibility of ‘more severe sanctions to be imposed by the EU, the UK and the US’ on Russian financial institutions and mining companies remains a possibility.
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