ūüĒĻArcelorMittal, the world‚Äôs largest steelmaker, ūüŹ≠ will shut down one of the two blast furnaces at the Bremen, Germany ūüá©ūüá™ flat steel site until further notice. The Hamburg long steel plant will be shut down from Q4.
ūüĒĻReasons: The exorbitant rise in energy prices, ūüďą weak market demand, a negative economic outlook and persistently high CO2 costs.
Recent metal companies affected in Europe:
ūüí† Belgian ūüáßūüá™ stainless steel producer & German ūüá©ūüá™ aluminium smelter shutting down.
ūüí† Norwegian ūüá≥ūüáī owned Norsk Hydro is planning to shutter a 175,000-ton annual capacity aluminum smelter in Slovakia. The Budel zinc smelter in the Netherlands ūüá≥ūüáĪ, placed on idle indefinitely.
ūüí†Europe has lost about half of its zinc and aluminum smelting capacity ūüĒ•within the past year.
ūüí†Europe‚Äôs largest copper producer, ūüá©ūüá™ Hamburg-based Aurubis AG, aims to minimize gas ūüďČ use.