By mid-July a familiar spot in Georgetown will go dark, and 242 people will be out of work.

ArcelorMittal announced Tuesday it's indefinitely ceasing operations at its Georgetown facility until "market conditions improve."

The decline in demand for steel, especially from the "big three" automakers, has forced the company to cut 45% of its global production workforce.

"This was a difficult decision to make, but the company is being forced to respond to the extraordinary economic environment we are facing. We will be carefully monitoring the situation, and we look forward to many of our employees returning to work as soon as it is warranted by market conditions," said Adam Warrington with ArcelorMittal.

For many the steel mill has been the only way of life over the decades, and some say as the steel mill goes so can go Georgetown's prosperity.

"In a community like Georgetown when they (Arcelor Mittal) have layoffs and cutbacks, it really hurts," said Wayne Gregory, the director of Georgetown County Economic Development.

With a 13% unemployment rate, the news could mean a spike in the number of people without jobs, but Gregory said the county is working to provide alternate employment.

He says, "We'll make it through. Certainly the steel mill is a cornerstone of our local economy. Hopefully they'll return to work and return to operations. We are moving forward. We do have other companies looking so hopefully those will come through and people will have job opportunities."

Warrington continued in his e-mail that the decision is "in no way a reflection on the professionalism and dedication of our Georgetown employees. ArcelorMittal appreciates their efforts and assistance during this challenging period."