Albanian steelmaker Kurum International has halted steel production at its Elbasan plant due to financial difficulties. The company cited a significant drop in international steel prices and ongoing economic challenges as the primary reasons for the suspension.

Over the past two years, Kurum has faced severe complications from the global energy crisis and deteriorating economic conditions, leading to intermittent production halts.

The situation worsened in the second half of 2023 and into 2024, with reduced capital demand, high interest rates, inflation, and difficulties in securing raw materials and energy.

Despite local media reports, Kurum has not implemented mass layoffs but is negotiating with the union to offer voluntary exit options with compensation for some administrative staff.

The company is currently focused on modernizing its industrial lines to restore competitiveness and resume production as soon as possible. Kurum also clarified that the suspension is unrelated to allegations of hazardous waste exports.