
At least 25 people have died in a mine fire in Kazakhstan, ArcelorMittal Temirtau (MT.LU), the local unit of the Luxembourg-based steelmaker which operates the mine, said on Saturday, according to Reuters.
Kazakh President Kassym-Jomart Tokayev, who expressed condolences to the victims’ families and declared a national day of mourning on Oct. 29, ordered his cabinet to stop investment cooperation with ArcelorMittal Temirtau.
The government said in a statement that it was finalising a deal to nationalise the company, which operates the country’s biggest steel mill. ArcelorMittal confirmed that in its own statement.
“ArcelorMittal can also confirm, as communicated earlier today by the government of Kazakhstan, that the two parties have been in discussions concerning the future of ArcelorMittal Temirtau and recently signed a preliminary agreement for a transaction that will transfer ownership to the Republic of Kazakhstan,” it said.
“ArcelorMittal is committed to completing this transaction as soon as possible in order to minimise disruption to the greatest extent possible.”