MT - ArcelorMittal resumes selling steel to Russia from Kazakhstan

ArcelorMittal ( NYSE: MT ) said on Friday it had resumed steel supplies to Russia from its ArcelorMittal Temirtau mill in Kazakhstan, Reuters reports.

The world's second largest steelmaker said it is in full compliance with Western sanctions imposed on Russia, which do not ban steel exports to the country.

"Having given very careful consideration to the situation, sales of basic products from AMT to Russia were resumed as the only alternative to protect the viability of the mill and the livelihood of its 35,000 employees," the company said.

Before the war in Ukraine began, ArcelorMittal ( MT ) supplied more than 150K metric tons/month; in 2021, the company sold steel products worth $1.6B to Russia.

ArcelorMittal ( MT ) shares recently traded at YTD lows as commodity prices plunged .

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