ArcelorMittal Spain cuts output
ArcelorMittal Spain is to cut flat steel output in the near term because of reduced automotive demand.
"Many of our customers, especially in the automotive sector, are already stopping their activity due to the impact of the coronavirus, and therefore we need to adapt our production to that situation," the company said
After discussions with unions, the firm is to reduce production at its Asturias, Sagunto and Sestao plants. The blast furnace at Asturias and facilities in Sestao will halt in the coming days, while the Aviles steel shop will work at half capacity. Galvanising lines at Asturias and Sagunto will be suspended.
Seat, Nissan, Volkswagen, Ford, Renault and many other carmakers have ceased activity in recent weeks amid the continued spread of the virus.
Long product producers are less affected significantly, but likely to follow suit as the situation is not expected to improve soon. "We do not expect any production cuts until the circumstances change," a leading long producer said.
Market participants said another long product steelmaker is planning to reduce output. "Catalan politicians are talking about stopping all activities in the country. That is not supported yet, but it may change at any moment", a Spanish trader said.
ArcelorMittal Spain produced 5.4mn t of steel in 2019.
source: Argus Media
Top News
Iran Alloy Steel Company intends to purchase 5740 MT of UHP graphite electrode through public tender
McEwen Copper seeks $2.5bn for Los Azules project in Argentina
RANKED: Top 20 automakers by EV battery metal spending
Diamond miners face turning point amid weak prices — report
Gold price set for worst month in over a year on Trump-driven selloff
Four Barrick Gold employees detained in Mali
WA lithium miners defiant as gov’t throws lifeline
Top copper miner Chile gets back to pre-pandemic output levels
Botswana Diamonds gets environmental nod for Thorny River
Portugal plans to hold delayed lithium tender in 2025
McEwen’s Los Azules copper project gets key environmental approval
Trump tariffs could reshape global copper landscape
Norway forced to pause Arctic seabed mining plans
Canada’s oil and gas drilling forecast to hit decade high in 2025 – report
Mining sector activity in October was highest in a year, S&P data shows
Iran Alloy Steel Company intends to purchase 5740 MT of UHP graphite electrode through public tender
Botswana Diamonds gets environmental nod for Thorny River
Contango ORE stock plummets as costs rise at Alaska gold mine
Top copper miner Chile gets back to pre-pandemic output levels
Iran Alloy Steel Company intends to purchase 5740 MT of UHP graphite electrode through public tender
Mining sector activity in October was highest in a year, S&P data shows
Portugal plans to hold delayed lithium tender in 2025
McEwen’s Los Azules copper project gets key environmental approval
Trump tariffs could reshape global copper landscape
Norway forced to pause Arctic seabed mining plans
Canada’s oil and gas drilling forecast to hit decade high in 2025 – report
Botswana Diamonds gets environmental nod for Thorny River
Contango ORE stock plummets as costs rise at Alaska gold mine