Kazakhstan confirms nationalization of ArcelorMittal subsidiary
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Arcelor Temirtau said in a statement that it had halted work at all coal mine sites in Kazakhstan. The company, in a statement, expressed its condolences to the deceased and said its efforts now are to ensure that the affected employees receive care and rehabilitation along with support from government authorities. ArcelorMittal Temirtau is the local representative of Luxembourg-based multinational ArcelorMittal, the world’s second largest steelmaker.
Kazakhstan has confirmed the nationalization of ArcelorMittal Temirtau, which operates the country’s largest steel plants and several coal and ore mines. The confirmation comes after at least 32 deaths were reported in a fire at the company’s mine on Saturday. According to emergency services, at least 32 workers have died in the coal mine while another 14 workers are missing. ArcelorMittal Temirtau confirmed in a statement that about 252 people were working at the Kostenko coal mine when the fire broke out. It is feared that methane gas could be the cause of the fire. The same mine of the company also caught fire in August in which four miners died.
Meanwhile, in November 2022, five people died due to methane gas leakage at another workplace. The company confirmed on Saturday that it is finalizing a deal with the Kazakhstan government to nationalize the company amid growing discontent among officials. Prime Minister Alikhan Smylov said in a statement on the website of the President of Kazakhstan that the government has reached a preliminary agreement with the company’s shareholders and is now in the process of formalizing the company’s nationalization. Speculation about the company’s future had been growing since September when Kazakhstan’s First Deputy Prime Minister Roman Sklyar told reporters that the government had invited potential investors to buy ArcelorMittal, frustrated by its failure to meet investment obligations and repeated security breaches. Have started talks with.
Kazakhstan’s President Kassym-Jomart Tokayev declared October 29 as a national day of mourning in the country. The country’s Prosecutor General’s Office said it had opened an investigation into possible safety violations at the coal mine. Arcelor Temirtau said in a statement that it had halted work at all coal mine sites in Kazakhstan. The company, in a statement, expressed its condolences to the deceased and said its efforts now are to ensure that the affected employees receive care and rehabilitation along with support from government authorities. ArcelorMittal Temirtau is the local representative of Luxembourg-based multinational ArcelorMittal, the world’s second largest steelmaker.
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