ArcelorMittal prepares for layoffs at Bosnian factories

ArcelorMittal and other steel and metal producers in Bosnia have warned they will be forced to lay off workers and halt production in some factories due to rising electricity prices.

According to Nikhil Meht, CEO of ArcelorMittal Zenica, input costs have risen significantly in recent years, mainly due to soaring prices for electricity and coking coal. The revised EPBiH contract proposes a 125% increase in electricity costs over the current contract. In addition, coking coal prices jumped nearly 400%. According to him, due to the sharp increase in prices, the company cannot continue its normal activities.