25 Dead, 21 Missing in ArcelorMittal's Kostenco Coal Mine Accident In Kazakhstan

A somber mood has enveloped Arcelor Mittal NY MT, as the company confirmed a harrowing incident at the Kostenco coal mine in Kazakhstan. 

On Saturday, an unfortunate accident resulted in the deaths of 25 miners, with an additional 21 workers still unaccounted for. 

However, 206 miners were successfully rescued and brought to the surface.

In August, four miners were killed after a fire erupted at the same mine, according to a Reuters report.

The company pledged unwavering support to the bereaved families during these trying times.

“No words can adequately convey the devastation the company feels following this accident,” the company shared in an official statement. It added that it is doing everything in its power to assist families that lost their loved ones to the latest tragedy. 

Transition of Ownership: 

Concurrently, ArcelorMittal is navigating significant changes in its business structure. 

In alignment with previous communications from the Kazakhstan government, the company has reached a preliminary agreement to transfer the ownership of ArcelorMittal Temirtau to the Republic of Kazakhstan. 

Both entities are diligently working to expedite the process, aiming to curtail any potential disruptions to the operations and communities reliant on the steel plant and mining facilities.

Price Action: MT shares closed lower by 0.14% to $22.14 on Friday; shares were up 1.49% to $22.47 after hours. 

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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