ArcelorMittal Closing Belgian Steel Coking Plant, Talks Collapse With Oxbow

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ArcelorMittal, the world’s largest steelmaker, said on Tuesday it would shut its coking plant near the Belgian city of Liege after failing to find a buyer for it.

The company, which makes around 6 percent of the world’s steel, had announced the closure of the facility in January 2013 as part of a general restructuring of its Seraing site due to falling steel demand in Europe.

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However, ArcelorMittal had kept it open pending a possible sale, opening talks with Colorado-based Oxbow Mining. India’s Economic Times reported that ArcelorMittal said on Tuesday that the two sides had failed to reach an agreement and that the plant, employing some 240 workers, would be shut down within the next four weeks.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.44) and a low price of CNY 830.00 ($132.84) per dry metric ton. The price of Chinese HRC held steady at CNY 3,380 ($540.98) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($222.47) per metric ton.

The cash price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $390.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $400.00 per metric ton.

The 3-month price of the US HRC futures contract remained essentially flat at $623.00 per short ton. The spot price of the US HRC futures contract saw little movement on Tuesday, closing out around $670.00 per short ton.

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