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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.
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