Romanian Steel Industry Feels the Pinch of Economic Slowdown

📆 20/12/2024 22:14:00
📰 OilandEnergy

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Arcelormittal Hunedoara Nouvelles

Romania,Steel Production,Economic Downturn

ArcelorMittal Hunedoara, a major Romanian steel producer, is reducing production and cutting worker hours due to a lack of orders and economic difficulties.

Via Metal Miner Difficult market conditions have prompted Romanian steel industry leader ArcelorMittal Hunedoara to reduce production until year's end. According to a notice provided to the Bucharest Stock Exchange, the longs producer's board of directors decided to reduce production from December 9-31 and pay 75% of salaries to employees impacted by the steps.

The plant is in central Romania's historical Transylvania region, about 300 kilometers east of the Hungarian border. Predictions Mount as Romania Enters 2025 Dutch multinational banking group also downgraded Romania's GDP outlook for 2024 to 1% from 1.3% in late November / early December. The group partly cited the political climate in the region as a result of the East European state's parliamentary elections.

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