steel production - Latest news GMK Center

Fifteen European plants suspended or plan to suspend steel production

The units were sent for idle for 60 days with the possibility of adjusting maintenance schedules

The company made such decision against the background of declining demand, increasing production costs and worsening economic conditions

Due to the increase in electricity tariffs, the steel plant will reduce the working hours of employees

The company also announced the shutdown of the wire rod production plant in Hamburg

In January-July 2022, the import of scrap metal decreased by 21.5% y/y

The capacity of the Spanish plant will be reduced due to weak demand for products

According to the head of the company, it is unprofitable to export steel by land to Europe

Local steelmakers are considering the possibility of stopping production against the background of rising energy costs and low prices for finished products

The company decided not to resume the plant's operation after summer maintenance

In January-July 2022, steel production decreased by 7.3% y/y

The company made this decision due to high electricity costs