In announcing its first-quarter earnings, ArcelorMittal said the funds, which include US$2.8 million raised from ArcelorMittal employees worldwide and matched by the company, are helping to provide essential services such as healthcare, education, water and sanitation. 

The company also has evacuated families of Kryvyi Rih employees to Poland. 

"Our first-quarter performance was overshadowed by the war in Ukraine. Our focus has been on providing support to our 26,000 colleagues and their communities at a time of tragedy and hardship,” said ArcelorMittal chief executive Aditya Mittal. 

The company is operating the No. 6 blast furnace at its Kryvyi Rih plant in Ukraine after having idled the facility at the beginning of the invasion. The furnace is one of three at the plant, and was restarted after the Ukrainian government requested it consider doing so as a way to support the economy. 

The furnace represents about 20% of the plant’s capacity. Iron ore production, meanwhile, stands at around 50% to 60%, ArcelorMittal said. 

On the quarter, ArcelorMittal posted a profit of US$4.2 billion on sales of US$21.8 billion. The company said higher average selling prices helped drive earnings. Still, shipments declined by about 800,000 metric tons, falling to 15.3 million metric tons from 16.1 million metric tons in the same quarter last year. 

“Market conditions are currently strong although we are now anticipating apparent steel consumption to contract slightly this year compared with 2021. Nevertheless, it is clear that the longer-term fundamental outlook for steel is positive. China’s focus on decarbonization and removal of VAT rebates on steel exports are encouraging; so too are the actions taken by governments to protect against the threats of unfair trade. And we know that steel will play a critical and vital role in the transition to a decarbonized and circular economy – there is no substitute,” Mittal said.