ArcelorMittal Luxembourg Continuing Production for now

RTL Today reported that ArcelorMittal Luxembourg General Director Mr Roland Bastian has confirmed in an interview with RTL that five European blast furnaces will be subject to temporary closures but Luxembourg will be spared, for now. Mr Bastian underlined that the Luxembourg business was still taking sufficient orders to continue its activities and confirmed that for the moment, no prolonged closure is planned in the Grand Duchy.Luxembourg, where steel activity mainly operates through electric arc furnaces, is more affected by the surge in electricity and natural gas prices. In order to limit the damage to energy bills, the Luxembourg operation is suspending the use of industrial electric ovens during periods when the electricity prices are at an all-time high, mainly in the morning and in the evening.Mr Bastian noted the slowing economic activity on a global scale, leading to a drop in orders, but also mentioned the additional cost imposed on Europe-based energy-intensive companies on CO2 emissions. Given the rise in steel prices in Europe, the group has noted an increase in imports from outside the EU, which further complicates the situation. Given this drop in demand in Europe, the ArcelorMittal group has decided to temporarily close five sites: two in France, one in Poland, one in Germany and one in Spain.

ArcelorMittal Luxembourg Continuing Production for now

Related Stories