Major Italian flat steel producer Arvedi Group has announced today, October 22, that, due to the current difficult economic situation, its Cremona-based plant will reduce coil production by 70 percent in November and December.
"International tensions linked to tariffs, the sharp economic slowdown, and the persistent crisis in the car industry, which has dragged Germany into recession, are creating a highly critical situation in the market for steel products and especially for the hot rolled coils market," Arvedi said in a note. "Considering also massive imports at very low prices, in particular from Turkey, the picture becomes gloomier, with difficulties that risk becoming systemic".
Arvedi stated that the stoppage will be used to carry out technological upgrades at Acciaieria Arvedi's plants.