A fire at a Kazakhstan coal mining operation run by ArcelorMittal (NYSE: MT) claimed the lives of 45 on Saturday.
“After a day of mourning on Sunday in Kazakhstan and across the ArcelorMittal group, a five-minute silence was held on Monday at 11 a.m. local time across all ArcelorMittal offices and operations around the world,” said the company in a statement.
Kazakhstan’s President Kassym-Jomart Tokayev visited the Kostenko coal mine to offer his condolences to friends and family of the deceased following the accident. The company says it will cover all funeral and memorial expenses for the victims, provide their families with a one-time payment equivalent to 10 years’ salary and offer other compensation.
The news comes after four workers were killed in a fire at the same mine this August. An investigation is currently underway regarding Saturday’s incident, which is suspected to have been caused by a methane blast.
Tokayev says over 100 workers have been killed at Kazakhstan sites operated by ArcelorMittal since the company was founded in 2006.
Alikhan Smailov holds Commission meeting to investigate reason of fire at ArcelorMittal Temirtau JSC minehttps://t.co/J91ayQ1ohY
— PrimeMinister.kz Int (@PrimeMinisterEn) October 30, 2023
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Ownership of the subsidiary responsible for the Kostenko mine, ArcelorMittal Temirtau, will be transferred to the Republic of Kazakhstan in the near future. A preliminary agreement was reached between the government and the company on Oct. 22.
The decision to nationalize the company’s subsidiary resulted from failure to satisfy investment obligations and multiple safety violations, even before the devastating fire.
Headquartered in Luxembourg, ArcelorMittal is the world’s second-largest producer of steel and manufactures it in 16 different countries. As of last year, the company had over 154,000 employees and 155 customers.
rowan@mugglehead.com
