22 Mar 2012 Last updated at 08:41:25 GMT

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

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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.

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