ArcelorMittal Signs Agreement to Transfer Operations in Kazakhstan

by Warren Seah

ArcelorMittal, the Luxembourg-based steelmaker, has confirmed that it has signed a preliminary agreement with the government of Kazakhstan to transfer its operations in the country. This agreement comes just days before a tragic incident occurred at the Kostenco coal mine on Saturday.

In a statement released on Saturday, ArcelorMittal expressed its commitment to completing the transaction as quickly as possible in order to minimize any disruptions. Negotiations regarding the transfer of the company back to the government had been ongoing for several months, as mentioned in a separate statement by ArcelorMittal Temirtau, the company operating in Kazakhstan.

The agreement-in-principle was signed shortly before the explosion at the Kostenco coal mine, which resulted in the loss of numerous miners’ lives. Unfortunately, this incident is not an isolated event, as ArcelorMittal has experienced other unfortunate incidents in its operations within the country. In August, a fire at the Kazakhstanskaya mine claimed five lives. Additionally, in November 2022, a suspected gas leak and explosion caused the death of five miners at its Lenin coal mine.

ArcelorMittal remains dedicated to finding a resolution and cooperating with the government to ensure a smooth transition of its operations. We express our condolences to the families affected by the recent tragedy and will continue to prioritize safety and well-being moving forward.

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