ArcelorMittal plans to temporarily idle production at its steelmaking facilities in Poland, reduce production in Spain and adjust shipments at ArcelorMittal Italia, temporarily reducing annualized production by 3 million tonnes, the company announced on Monday May 6.
The company credited high energy costs, low demand and rising imports for the decision."These actions reflect the weak demand environment in Europe today, a situation further compounded by increased imports despite the safeguard measures introduced by the European Commission," Geert Van Poelvoorde, chief executive officer of ArcelorMittal Europe Flat Steel Products, said in a statement. "High energy costs and increasing carbon costs are adding to the tough environment."Domestic hot-rolled coil prices in southern Europe have been under pressure from limited trading activity, Fastmarkets understands.Fastmarkets' weekly...