Leading European merchant bar producer Italy-based AFV Beltrame Group has announced that its San Giovanni Valdarno, Arezzo-based steel mill in Italy is to be closed down. The plant, founded in 1872, was purchased by Beltrame in 2002 within the scope of its acquisition of Siderurgica Ferrero.
According to the La Nazione newspaper, Maurizio Viligiardi, mayor of San Giovanni Valdarno, said that Beltrame Group indicated that order intake had collapsed for the plant, instead of following the forecasts provided in June. Accordingly, he said that, in line with long-term considerations, Beltrame Group had decided to close the San Giovanni Valdarno mill.
Labour unions have replied by stating they will defend the rights of the plant's 80 emloyees, who will go into immediate redundancy.