November 27 (SeeNews) - Croatian steel mill ABS Sisak, part of Italy's Danieli Group, said it will halt production as of December 1 for the upcoming quarter, citing tough market conditions that have dampened orders.
The plan is to retart activities as soon as market conditions allow this, the company said in a statement made available to SeeNews on Friday.
In 2012, Danieli Group's ABS unit formalized the acquisition from U.S. group Commercial Metals Company of the steelmaking plant in Sisak, which has been renamed to ABS Sisak.
At the moment, ABS has no intention to sell the site and all decisions that are being taken are focused on making it through this transition period in the best possible way, the statement said, adding that the recent decision to raise the capital of the Croatian unit is further proof of.Danieli Group's confidence in its business.