ArcelorMittal Spain & Unions in Furlough Talks - Reports

Reuters reported that ArcelorMittal Spain has started negotiations with unions last week on a broad furlough scheme for the 8,300 workers at its Spanish mills in the face of weakening demand and soaring energy prices and expects to reach an agreement within a couple of weeks to allow it to idle any of its plants in Spain for any period of time until the end of 2023ArcelorMittal announced on 1 September temporary shutdown of its Blast Furnace A in Asturias in Spain, which will take place by the end of September. ArcelorMittal has also delayed the startup of EAF steel plant in Sestao in Spain after the summer break for maintenance work until further notice. ArcelorMittal had said “Taking into account the market situation and forecasts for the coming months, has made the decision to undertake the temporary shutdown of its Blast Furnace A in Asturias, which will take place By the end of September. The decision comes at a time of economic uncertainty where consumer confidence in steel has declined; This situation is compounded by the high imports from non-EU producers that are not affected by the growing costs derived from the European system for assigning CO2 emission rights, impacting the competitive position of European manufacturers.” ArcelorMittal had also said “The extremely challenging situation of the European steel market, with high levels of imports from non-EU countries and weak demand, have led to the decision to implement this measure in order to protect the profitability and sustainability of the Company's operations in Asturias. Taking into account the situation of the market and the outlook for the coming months, ArcelorMittal has decided to temporarily idle its Blast Furnace A in Asturias, at the end of September. This decision has been taken at a time of economic uncertainty and with weakening levels of confidence among steel consumers; the situation is compounded by high levels of imports from non-EU producers that are not affected by the increasing costs linked to the EU Emissions Trading System which adversely impacts the competitiveness position of European producers.”ArcelorMittal' owns following plants in SpainAvilesGijonEtxebarriLesakaSaguntoSestaoLesaka NavarraÁlava