ArcelorMittal: EU Flat Steel Demand To Take 5 Years To Recover
14 Ottobre 2011 - 7:28PM
Dow Jones News
ArcelorMittal (MT), the world's largest steelmaker, doesn't
expect European demand for hot-rolled coil, a type of flat steel
product, to recover to the high levels seen prior to the financial
crisis of 2008-09 until 2016, a senior ArcelorMittal executive said
Friday.
"To come back to previous levels, it will take five years,"
Robrecht Himpe, Executive Vice President of Arcelormittal's Flat
Carbon Europe division told Dow Jones Newswires Friday. He said the
company had initially expected HRC demand to only take two to three
years to recover and as a result had kept its two Liege blast
furnaces on temporary idle in hopes of returning them to operation
once demand recovered.
The world's largest steelmaker Friday confirmed plans to
permanently close two blast furnaces at Liege, Belgium due to weak
demand and structural over capacity in Northern Europe.
Himpe said the Liege plant has been operating at an effective
loss if the Liege steelworks is benchmarked EUR50 per metric ton
below its most productive steelworks such as the ones in Ghent,
Belgium and Dunkerque, France. The benchmark is based on earnings
before interest, taxes, depreciation and amortization per ton of
hot rolled coil produced.
- By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924,
alex.macdonald@dowjones.com
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