Bosnia and Herzegovina-based ArcelorMittal Zenica, a subsidiary of Luxembourg-based steelmaker ArcelorMittal, has suspended production due to the unfavorable market conditions, according to media reports.
The company plans to restart production when demand recovers. Demand in the EU has declined amid decreased steel consumption. ArcelorMittal Zenica anticipates the negative trend to continue with the ongoing economic uncertainty amid high inflation.
In addition, after the suspension of production, workers at the plant decided to go on strike as they did not receive a new offer from the management to sign a collective agreement.
The company has an annual production capacity of almost one million mt and employs about 2,300 workers.