ArcelorMittal's Bosnia steel plant reports nearly $88 million net loss

ArcelorMittal's Zenica steel plant in Bosnia suffered a loss of 159 million Bosnian marka ($88.2 million) in 2023, with long-term debt up 400% at 80 million marka, it said on Friday.
 

The results were hit by a 12% annual drop in demand, a 20% rise in electricity prices and 22% lower prices of the metal on the global market, the Bosnian business added.
 

"As our 2023 financial results published today show, ArcelorMittal Zenica has found itself in a very challenging situation," the company said, adding that it did not expect market conditions to improve in the coming months.
 

In January, the ArcelorMittal Zenica resumed output after halting production in November due to a drop in steel demand in Europe.

After posting net profits in 2021 and 2022, the company suffered accumulated losses of 201 million marka in 2023, reducing its capital by 45%, it said.