ArcelorMittal is reopening “its Harriman, Tenn.-based long product finishing facility. The plant was closed in 2011 amid poor market conditions,” reports NASDAQ.
“ArcelorMittal expects the facility to be fully operational by April 2014. It will hire 61 new employees over the next couple of years. All employees at the Harriman facility will undergo extensive safety orientation and job training to ensure the safety of the workforce and the workplace.”
“The Harriman plant gets the delivery of steel billets from ArcelorMittal’s LaPlace, La. plant. The metal is reheated and rolled into light structural shapes and merchant bars, for use in the construction market.”
“With the restart of the facility, ArcelorMittal is expected to improve its extensive product portfolio by producing one-to three-inch angles and one- to four-inch flats. This development is expected to uplift both ArcelorMittal and the Harriman region by serving as a pillar of the strength and resilience to the American manufacturing and the U.S. steel industry.”
“United Steelworkers and the local and state government have extended their support to this restart.”
In metal price news for steel…
The cash price of steel billet closed up Monday, January 6 at $300.00 per metric ton, halting two days of weakening prices on the LME with a 5.3 percent shift. The 3-month price of steel billet rose by 1.8 percent on the LME to $290.00 per metric ton after a three-day flat streak.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India was range bound. After holding steady for the past few days, the price of Chinese slab fell 1.7 percent. The price of Chinese HRC saw essentially no change for the fifth day in a row.
The US HRC futures contract spot price moved on Monday. After a few changeless days, prices dropped 0.3 percent to $673.00 per short ton. The 3-month price of the US HRC futures contract remained essentially flat at $633.00 per short ton.