SABC News reported that ArcelorMittal South Africa has been forced to put major investment projects in Mozambique on hold due to the current global economic crisis and a decline in demand.

ArcelorMittal said that the Maputo mill has been closed temporarily while the construction of a second mill near Matola has been postponed.

Mr Fernando Guebuza President of Mozambique said that he hopes to see more investments once the company resumes its operations.

Meanwhile, Mr Luc Bonte president of ArcelorMittal SA said that they are confident that the market will normalize in the second quarter of 2009.