On Monday, January 25, a spokesman for global steel producer ArcelorMittal announced that the company has idled a steel plant in Spain due to "extremely adverse" market conditions.
The plant in Sestao, northern Spain, will be idled indefinitely, putting 330 jobs at risk. The plant, which producers steel slabs and coils, has an annual output capacity of 1.5 million metric tons.
"Management has taken the decision in view of extremely adverse conditions, with falling steel prices caused by record imports from China at prices below production costs," the ArcelorMittal spokesman stated.
ArcelorMittal produces nearly half of Spain's steel, employing around 9,500 people. The Sestao site is one of 12 Spanish operations owned by ArcelorMittal.