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Nov 17, 2023 14:25 EEST
November 17 (SeeNews) - Bosnian manufacturer of long steel products ArcelorMittal Zenica, part of Luxembourg-based steel manufacturer ArcelorMittal, has temporarily stopped production due to the unfavourable conditions prevailing on the steel market, local media reported.
The company intends to resume operations as soon as demand recovers to a level that enables sustainable operations, news provider Indikator reported on Thursday.
The European steel market is facing a downturn due to decreased steel consumption in the EU and the company expects this negative trend to persist, driven by ongoing economic uncertainty fueled by high inflation, according to the report.
A SeeNews email to ArcelorMittal Zenica went unanswered by the time this article was published.
ArcelorMittal has another unit in Bosnia, ArcelorMittal Prijedor, which operates an iron mine. ArcelorMittal holds a 51% stake in the mining company, whereas Bosnian miner RZR Ljubija holds the remaining 49% stake.
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