Scrapex Banner
Author: 22 Mar 2012 Last updated at 08:41:25 GMT

ArcelorMittal to close Europe's steel plant on falling demand for steel

LONDON (Scrap Monster): ArcelorMittal, the world's largest steelmaker, said that it will close indefinitely the steel plant at Schifflange, Luxembourg, amid falling demand for steel in Europe.

“Due to the weak construction market in Western Europe and the lack of any sign of recovery, ArcelorMittal proposes to extend the shutdown of electric arc furnace and continuous production in Schifflange indefinitely,” the company said.

The company, which employs over 310,000 people in 60 countries, claimed the same reasons in January to suspend production at its plant in Madrid.

The deterioration of the construction market in Europe and fall in steel demand by 20% in this sector from 2007 caused the company to shut down the plant, which also highlights the significant excess capacity in the market.

The indefinite closure of the company’s plant at Schifflange affects ArcelorMittal’s, 282 of the 626 employees.

METAL PRICE CHARTS

GET PRICE CHARTS

Platinum Scrap Price Charts

9ct Gold Scrap Price Charts

18ct Gold Scrap Price Charts

RELATED NEWS

Tokyo steel further hikes H2 scrap buying prices

September 16th 2014 02:40 AM
Tokyo steel further hikes H2 scrap buying prices
The country's top producer of H-beams- Tokyo Steel has announced a further hike of ¥ 500/ton to ¥ 1,000/ton in…

Man Accused of Stealing, Selling Scrap Metal From Former Employer

September 12th 2014 02:18 PM
Man Accused of Stealing, Selling Scrap Metal From Former Employer
A Livingston County man was arrested for felony burglary after deputies said he stole scrap metal from his former employer…

Ukrainian scrap group acquires Latvia's leading rebar maker

September 12th 2014 06:38 AM
Ukrainian scrap group acquires Latvia's leading rebar maker
The Ukranian scrap company, KVV Group has acquired Liepajas metalurgs (LM)- the Latvian rebar manufacturer

US Scrap exports dropped slightly in July '14

September 11th 2014 09:54 AM
US Scrap exports dropped slightly in July '14
The scrap exports by the US during the month of July this year declined considerably
Next Story