The management of Zelezara Smederevo steelworks made a decision Tuesday to put the second blast furnace in hibernation in the first week of July due to a need for changing the company's way of funding.

- At this moment we cannot tell for how long that furnace will stay in hibernation, that is, when we are going to have enough raw materials to start and ensure continuous operation of that blast furnace - Zelezara Smederevo said in a release.

People at Zelezara Smederevo stated that they expected that to happen in late September, at the latest. Until then, the company should find a strategic partner or, if that fails to occur, establish a long-term commercial partnership.

- In any case, we believe that the conditions will be created to resume production in late September, at the latest, which would ensure the supply of our products to domestic consumers, bigger volume of exports and social security coverage for our employees - reads the release.