MT - ArcelorMittal removes Russian materials from steel supply chain - Bloomberg

ArcelorMittal (NYSE:MT) says it has eliminated Russian commodities from its supply chain following the invasion of Ukraine. Europe's biggest steelmaker has been sourcing ~20% of the coal for its European mills from Russia and bought iron ore from sanctioned billionaire Alisher Usmanov's Metalloinvest. "For the third quarter, we need to buy a bit more from non-Russia. But this is not a big issue," Geert Van Poelvoorde, the company's top European executive, told Bloomberg, anticipating that the war in Ukraine will reshape global flows of raw materials within a few months, with Russia re-routing exports of coal from Europe to China, which will in turn buy less of the fuel from Australia. About half of the coal consumed by Europe's steel industry comes from Russia, but ArcelorMittal's portfolio of iron ore and coal mines will help ease its pivot away from Russia, Van Poelvoorde said. ArcelorMittal shares rose 5% in U.S.

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ArcelorMittal removes Russian materials from steel supply chain - Bloomberg