Italy-based steel producer Ferriera Valsider, part of Ukrainian steelmaker Metinvest, has declared force majeure following an unexpected breakdown that resulted in the complete shutdown of production at its Vallese di Oppeano plant near Verona, according to media reports. Technical teams are assessing the situation and preparing the necessary repair program. At present, the company is unable to provide a reliable timeframe for the resumption of operations.
Production lines completely halted
The incident was described as an extraordinary, sudden and unforeseeable breakdown beyond its reasonable control. The incident resulted in the immediate and complete shutdown of the plant's production lines and affected the company's ability to fulfil existing supply contracts.
Ferriera Valsider subsequently invoked the force majeure provision, suspending contractual performance obligations for the duration of the disruption. The company said the duration of the force majeure event cannot currently be determined but is expected to be significant.
The company has not disclosed the nature of the breakdown, the equipment affected or the expected impact on production volumes. While one report indicated that the production stoppage could be related to a major incident at the rolling mill, this had not been officially confirmed.
