ArcelorMittal Confirms Permanent Closures At Liege Steel Plant
14 Ottobre 2011 - 3:42PM
Dow Jones News
ArcelorMittal (MT), the world's largest steelmaker, Friday
confirmed that it plans to permanently shut the liquid steel
production arm of its Liege, Belgium steelworks in response to
structural over capacity in Northern Europe and expectations that
demand will take longer than expected to recover.
"Despite several improvement plans enacted in Liege to reduce
the difference in the cost of hot-rolled coil between Liège and
other sites in the region, the liquid phase in Liège is still not
competitive enough under foreseeable market conditions," said Joao
Felix da Silva, chief executive of ArcelorMittal Liège.
The Luxembourg-based steelmaker said available market data show
a recovery in European steel demand to levels seen before the
financial crisis of 2008-09 "will take longer than anticipated." As
a result the company faces structural over capacity in Northern
Europe and will focus its production in its lower cost sites in
response.
ArcelorMittal said the shutdown won't affect its production
capacity in Europe nor its market share and said that customers
will continue to receive normal steel supply.
The company's labor unions said late Wednesday that the company
is permanently shutting down two blast furnaces at the plant, which
have a combined operational capacity of 3.1 million metric tons of
liquid steel a year, according to ArcelorMittal's 2010 Fact
Book.
- By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924,
alex.macdonald@dowjones.com
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