🔹ArcelorMittal, the world’s largest steelmaker, 🏭 will shut down one of the two blast furnaces at the Bremen, Germany 🇩🇪 flat steel site until further notice. The Hamburg long steel plant will be shut down from Q4.

🔹Reasons: The exorbitant rise in energy prices, 📈 weak market demand, a negative economic outlook and persistently high CO2 costs.

Recent metal companies affected in Europe:

💠 Belgian 🇧🇪 stainless steel producer & German 🇩🇪 aluminium smelter shutting down.

💠 Norwegian 🇳🇴 owned Norsk Hydro is planning to shutter a 175,000-ton annual capacity aluminum smelter in Slovakia. The Budel zinc smelter in the Netherlands 🇳🇱, placed on idle indefinitely.

💠Europe has lost about half of its zinc and aluminum smelting capacity 🔥within the past year.

💠Europe’s largest copper producer, 🇩🇪 Hamburg-based Aurubis AG, aims to minimize gas 📉 use.