ArcelorMittal To Extend Idling Part Of Florange Plant By 6 Months
01 Junho 2012 - 4:59PM
Dow Jones News
Steel titan ArcelorMittal (MT) confirmed Friday it plans to
extend for another six months the partial idling of its Florange
steel plant until the end of 2012 because of protracted weakness in
European steel demand.
ArcelorMittal, the world's largest steelmaker by volume, had
previously said that it would review the demand situation toward
the end of the second quarter to determine whether to restart crude
steel production at its Florange, France steel plant. But in a
Paris meeting with union representatives Friday, the company
confirmed that it planned to extend the partial idling of its
Florange steel plant until the end of the year due to weak
demand.
"The European market is not showing signs of improvement and the
fourth quarter is traditionally a weaker quarter," an ArcelorMittal
spokeswoman said in an emailed statement related to the company's
plan to extend the partial idling.
ArcelorMittal last year shut down two blast furnaces at
Florange, France, in response to weak steel demand, but kept
operating the other facilities at the plant including the hot and
cold rolling mills, a coke plant, and coating lines. Florange can
produce up to 1.4 million metric tons of crude steel annually.
European steelmakers are suffering from falling prices and weak
steel demand. Steelmakers had initially expected demand to pick up
in the second quarter but steel users have been cautious about
buying more steel given worries that the European sovereign debt
crisis will take its toll on the European Union's economy and
therefore demand for automobiles and infrastructure in the
construction sector.
"The industry, which continues to be impacted by structural
overcapacities, is a long way from the recovery that we had hoped
for in early 2012," said Wolfgang Eder, the chief executive of
Austrian specialty steelmaker Voestalpine AG (VOE.VI).
"Massive underutilization of capacity in Europe...is resulting
in destructive price wars," he added.
ArcelorMittal, Europe's largest steelmaker, said earlier this
month that it had idled seven of its 25 European furnaces and 17 of
its 63 blast furnaces worldwide.
Meanwhile, Tata Steel Ltd. (500470.BY), Europe's second-largest
steel producer by production capacity, has also idled a blast
furnace in Scunthorpe, U.K., and has temporarily idled a hot strip
steel mill at the Llanwern site in South Wales.
EU apparent steel demand is forecast to fall 2.7% in 2012 before
rising 2.5% in 2013, according to Eurofer, Europe's steel
association.
ArcelorMittal said it remains committed to its socially
responsible approach at Florange and will continue to work with
"employee representatives to implement all measures to support the
affected employees."
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com