ArcelorMittal Brasil has decided to continue the idling of blast furnace No2 at its Tubar??o plant, in the southeastern Brazilian state of Esp?-rito Santo, at least until the end of this year because of the tough market conditions, chief executive officer Benjamin Baptista told Fastmarkets on Wednesday August 21.
Work to refurbush the unit started earlier than expected, on June 23. It was originally planned to be carried out in August-September, but the company saw the global steel markets deteriorate at a fast pace, and made the move early."The previous strategy of producing crude steel to supply the Asian markets with slab was not paying off at a time of falling prices," Baptista said. "The company is extending the revamp process through December, when it will decide its next steps."Fastmarkets' price assessment for steel slab, import, cfr Southeast Asia/East Asia, was $425-435 per tonne on...