Spain-based ArcelorMittal Sestao, a subsidiary of Luxembourg-headquartered steel giant ArcelorMittal, has delayed the resumption of the electric arc furnace at its Acería Compacta de Bizkaia plant until further notice, according to media reports.
The furnace was shut down for maintenance in mid-August and was scheduled to resume operations this week. The decision to delay the resumption was made amid the forecast for weak steel demand, which is a result of the slowing down of many companies’ activities due to global uncertainty and lower sales prices, which would not allow the plant to cover operating costs, and high imports. Higher energy costs are also a reason for the delay even if they are not the main factor, SteelOrbis understands.
