Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
ArcelorMittal to Sell Bosnian Steel Mill and Mine to Pavgord Group
ArcelorMittal has announced the sale of its steel and mining operations in Bosnia to local conglomerate Pavgord Group. The agreement includes the Zenica steel plant and the Prijedor iron ore mine, with the transaction expected to close in the third quarter of 2025.
This strategic move will transfer approximately 2,700 employees to Pavgord, ensuring continuity of operations. ArcelorMittal will take a non-cash accounting loss of around $200 million as part of the exit.
Despite investing significantly in its Bosnian assets over the past two decades, ArcelorMittal faced ongoing challenges, including weak European steel demand and mounting operational losses. In 2023 and 2024, the Zenica and Prijedor operations reported a combined loss of over $160 million.
Pavgord Group, which also owns Bosnia's largest aluminium producer, Alumina, plans to continue production and stabilize the assets. ArcelorMittal has committed to supporting local management until the handover is complete.
The sale marks a strategic shift for ArcelorMittal as it refocuses on more profitable and sustainable markets while ensuring the future of its Bosnian workforce.
Also Read : Jindal Power offers $1.68 billion for distressed Indian coal-fired power plant Adani Power & Jindal Power eye Hiranmaye Energy in corporate insolvency race
India has maintained its position as the top consumer of seaborne coking coal after becoming the top...
Ferrous 06-May-2024
Minister of Petroleum & Natural Gas and Housing and Urban Affairs, Hardeep Singh Puri, pointed o...
Notification 19-Feb-2024
The Vedanta Group aims to invest $20 billion across all its businesses in India over the next four y...
Large Corporate 02-May-2024
VinFast, a Vietnamese electric vehicle manufacturer, has asked India to reduce import charges on its...
Large Corporate 26-Feb-2024
The Centre on Thursday designated iron and steel as "public utilities" for the next six months, foll...
Announcement 16-Feb-2024
According to a Global Trade Research Initiative (GTRI) report, India's share of industrial goods imp...
Business 29-Apr-2024