ArcelorMittal to idle Romanian plant
Bucharest - ArcelorMittal, the world's largest steelmaker, will idle one of its four Romanian plants because of falling global demand, news agency reported Tuesday.
The plant at Hunedoara will halt production in a few days for about two months, its first idling since the depression of the 1930s, factory director Remus Patan told the Mediafax agency.
Luxembourg-based ArcelorMittal said on November 5 it would cut production as the slowing global economy reduces steel demand.
No immediate layoffs are planned at Hunedoara, Patan said. Workers will be sent on paid leave and later receive 75 per cent of their full pay, he said.
Last month, ArcelorMittal reduced output at Galati, its biggest Romanian plant.
Renault SA's Dacia unit, another major Romanian employer, said Monday it would halt production of its budget-priced compact cars for three weeks starting November 20 because of the economic slump. (dpa)