A drop in steel demand throughout Europe proved the reason for ArcelorMittal temporarily suspending output at its Bosnia plant. The company remains a leading player in the steel industry, making approximately 700,000 tons of liquid steel every year and employing 2,200 workers. According to this report, company management moved to halt production due to a drop in European demand. The company stated that the decline began with the Russian invasion of Ukraine in 2022, but added that an increase in energy prices, higher output costs, and surging inflation also contributed to the decision.
The ArcelorMittal facility located in the central town of Zenica announced the suspension of its High Oven operations on November 11. Subsequently, the site systematically reduced output in other units, having thoroughly evaluated all available options. That said, management nurtured some hope in its employees, saying it would resume operations when enough demand returns to sustain business operations.
Local media reports also indicate that workers of long steel products at ArcelorMittal Zenica were launching a strike for higher pay. The company previously claimed it increased worker salaries by an average 32% since 2020, keeping in mind overall inflation.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
