Albanian International's Kurum valve plant, based in Elbasan, has stopped steel production due to financial strain caused by falling global steel prices.
“Over the past two years, Kurum International has faced significant challenges due to the international energy recession and deteriorating economic conditions, which at times resulted in production stoppages,” the company said. “The situation became extremely challenging in the second half of 2023 and even more challenging in 2024 as the metals industry faced deteriorating conditions due to lower capital demand, high interest rates, inflation and difficulties in securing primary materials and electricity.”
Kurum denied local media reports about the layoffs, saying it did not carry out mass layoffs of administrative staff. However, the company is negotiating with the union to offer a number of these options for dismissal of staff with payment of arrears of wages and hours worked.
According to the company, it is now engaged in significant renovations to modernize industrial lines and restore competitiveness in order to resume production as soon as possible. “The suspension of steel production has nothing to do with media reports about the company joining the export of hazardous waste,” she adds.
Last week, the Albanian media outlet Reporter.al reported that prosecutors in Durres had identified Kurum International as the source of 816 tons of hazardous waste on two Maersk container ships stopped while docked in Thailand.
Kurum International's Elbasan steelworks includes one electric furnace melting shop with a capacity of 510,000 tons/year of liquid steel and three reinforcing mills with a total capacity of 700,000 tons/year. The plant also has a scrap processing unit, for which it purchases material on the domestic market, as well as in Montenegro, Macedonia, Serbia and Kosovo.
The company sells half of its products on the domestic market, including commercial products, and exports the rest. It claims to cover 66% of Albania's rebar needs.
The company is wholly owned by Turkish businesswoman Hatice Melek Kurum.
