Bosnian long steel products producer ArcelorMittal Zenica, a subsidiary of Luxembourg-based steelmaker ArcelorMittal, has temporarily halted production due to unfavorable conditions prevailing in the steel market, local media reported.
The company plans to resume operations once demand is at a level to support sustainable operations.
The European steel market is experiencing a downturn due to lower steel consumption in the EU and the company expects this negative trend to continue due to economic uncertainty fueled by high inflation.
ArcelorMittal has another unit, ArcelorMittal Prijedor, which operates an iron mine in Bosnia. ArcelorMittal holds a 51% stake in the mining company, while Bosnian miner RZR Ljubija holds the remaining 49%.
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