Kazakhstan confirms nationalisation of ArcelorMittal biz

Kazakhstan has started the process of acquiring ArcelorMittal SA's local business after dozens died in a fire at the company's mine on Saturday.

Kazakhstan President Kassym-Jomart Tokayev ordered the government to stop investment cooperation with ArcelorMittal Temirtau after the accident at the Kostenko mine near the city of Karaganda, Interfax reported. The government said on Saturday that it has reached a preliminary agreement with the shareholders of ArcelorMittal Temirtau and is preparing the transaction to transfer ownership of the enterprise in favor of the Republic of Kazakhstan. At this point, 208 of 252 miners were brought to the surface. 23 miners are still in the mine and the bodies of 21 miners were found, ArcelorMittal Temirtau said Saturday afternoon.

The world's second-biggest steelmaker has come under pressure in Kazakhstan over the safety of its facilities several times before. In August, five workers were killed in a fire at the mine. In November 2022, another five workers were killed in a gas explosion at one of its mines.