Due to the Russo-Ukrainian war in 2022, European steel market demand has been reduced due to falling steel consumption, soaring energy prices and production costs, and inflation. ArcelorMittal, the world's largest steel producer, stated last Friday that it had temporarily halted production at its Bosnian steel plant and the Omarska mines that supplied it with iron ore.

The steel plant in the central town of Zenica stopped operations of its High Oven last Saturday.

The plant produces about 700,000 tons of molten steel per year and employs about 2,200 workers. The Omarska mines, which relied entirely on sales of ore to the Zenica plant, are located further north and employed about 850 workers.

The company said it planned to continue normal operations at the Zenica steel plant once demand in the steel market returns to a level that would allow for sustainable business.