The Board of Directors of ArcelorMittal Hunedoara (BVB: SIDG), a Romanian steel complex owned by the ArcelorMittal holding, decided to temporarily reduce the company's activity for the period July 23-August 5 and pay 75% of the salary to employees, according to a report to investors.

The measure was decided "taking into account the economic difficulties faced by the company caused by the lack of orders and implicitly the production volume, as well as a measure to protect the employees."

ArcelorMittal Hunedoara said that the reduction in activity actually began on June 20.

The company incurred in Q1 this year a loss of RON 29.7 mln, twice as large as in the same period of 2021, although its turnover rose by 41% YoY to RON 197 mln (EUR 40 mln), according to Ziarul Financiar daily quoting company's quarterly report.

ArcelorMittal Hunedoara is 96.5% controlled by ArcelorMittal Holdings and has a capitalization of RON 61.6 mln (EUR 12 mln). The SIDG shares rose by 55% YTD amid thin RON 20,400 transactions.

andrei@romania-insider.com

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