...October 31, 2023 LONDON (S&P Global Ratings) Oct. 31, 2023--S&P Global Ratings today said that Luxembourg-based steel producer ArcelorMittal's (###-/Positive/A-3) fatal accident in Kazakhstan does not have immediate credit implications. On Oct. 28, 2023, an explosion at the Kostenko coal mine in Kazakhstan killed 46 employees of ArcelorMittal's Temirtau subsidiary in the country. This accident follows a series of fatal events at ArcelorMittal Temirtau over the past few years, including five fatalities earlier in 2023, nine fatalities in 2022, and more in previous years. The metals and mining industry is exposed to safety risks due to its nature of operations, but the recent accident is the most significant in the company's recent history (see chart 1). We understand that ArcelorMittal signed a preliminary agreement earlier in October with Kazakhstan's government to sell its assets in the country, although the potential consideration remains uncertain. We see a limited impact on ArcelorMittal's...
