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.

  • Topics

METAL PRICE CHARTS

GET PRICE CHARTS

9ct Gold Scrap Price Charts

14ct Gold Scrap Price Charts

18ct Gold Scrap Price Charts

RELATED NEWS

University team creates 'transformers' from scrap metal

July 25th 2014 01:46 PM
University team creates 'transformers' from scrap metal
An associate professor in Changsha, the capital of Hunan province, has made "transformers" similar to those in the popular movie…

US H1 scrap average prices held steady for sixth straight week

July 25th 2014 08:08 AM
US H1 scrap average prices held steady for sixth straight week
The US H1 scrap price average prices were at $357.50 per long ton, as on 21st July, 2014

H2 scrap average prices in Japan drop further

July 25th 2014 03:58 AM
H2 scrap average prices in Japan drop further
The average price of Japanese H2 scrap continued to drop during the third week of July

Brazil's scrap exports surged 85% over previous year in June '14

July 25th 2014 03:22 AM
Brazil's scrap exports surged 85% over previous year in June '14
The latest statistics indicate that Brazil's scrap exports have recorded strong growth year-on-year during the month of June
blog comments powered by Disqus
Next Story