Albanian steelmaker Kurum International said it has suspended the steel production and smelting lines at its Elbasan plant on August 1 and 15 respectively, due to financial strain brought by a drastic drop in global stainless steel prices. 
In the last two years, Kurum International experienced significant hardships due to the global energy crisis and deteriorating economic conditions, interrupting its production from time to time, the company said in a statement on Monday. 
The situation became especially difficult during the second half of 2023 and even more so in 2024, as the metal industry faced worsening conditions due to decreased investment demand, high interest rates, inflation, and difficulties in securing raw materials and energy, Kurum said. 
The company dismissed local media reports of layoffs, saying it has not implemented any collective employee departures but is in talks with the union to offer several inactive employees voluntary exit options with compensation and seniority pay. Kurum noted that its active employees are currently handling overhauls to modernize the production lines and improve competitiveness, aiming to resume production as soon as possible. 
Kurum also said the suspension of its steel production operations had nothing to do with media reports of the company being involved in exports of hazardous waste.