Arcelor Mittal rejects speculations on plans to sell Bosnian unit.

By bne IntelliNews March 22, 2010
Arcelor Mittal Group rejected the recent media speculations that it intended to sell its Bosnian unit. The steel producer is not even considering selling part of its interest in Arcelor Mittal Zenica, which is the largest steel producer in the region, a statement from the company reads. We note that the Austrian Voestalpine AG is reportedly interested in the 92% stake of Arcelor Mittal in the Zenica-based producer, according to some media reports. The Austrian company was among the bidders in the tender for the then BH Steel in 2004. The tender was won by the Indian-British company. Arcelor Mittal Zenica was severely affected by the global economic crisis and the globally shrinking metal market last year. Its annual production fell by some 40% against the initial plans, according to statement from the company. It temporarily suspended production last April and sent home about half of its employees, which were receiving 55% of average wage in the Federation entity during that time.

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