Currant Event: Major steel output cuts in Europe

European steelmakers have announced several production cuts in the face of weaker demand, and more furnaces are likely to be idled in coming months. Some producers have announced restarts and even an expansion, but curtailments are likely to dominate as consumers.  It said the furnace would restart as soon as market conditions allowed. At the end of September , it said it would halt production at its plant in Sestao, Spain during November and December. In January , however, it extended the closure , saying it did not forecast a market improvement in the South of Europe that would allow a restart in the first months of 2012.efer to run down their stocks in an uncertain economic environment.The complex includes two electric arc furnaces and seven rolling mills and has a capacity of 1.8 million tonnes of hot rolled steel coils and 600,000 tonnes of pickled coils per year. At the end of September, Arcelor Mittal said it would idle an electric arc furnace and some steel production lines at its long carbon steel mill in Madrid on weak demand. It then announced in January that it will prolong the closure of the Madrid plant for an indefinite period due to continued weakness in demand.

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This entry was written by jalexander4ecspress and published on January 20, 2012 at 2:40 pm. It’s filed under Uncategorized. Bookmark the permalink. Follow any comments here with the RSS feed for this post.

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