ArcelorMittal is idling Indiana Harbor West’s finishing operations, and has notified workers it plans to shut down the electric arc furnace at the nearby Indiana Harbor Long Carbon.
Hundreds of steelworkers in East Chicago would be displaced, but they’ve been told they will be transferred and keep their jobs with the company.
Steelworkers who wished to remain anonymous said ArcelorMittal has idled the No. 2 galvanizing line at ArcelorMittal Indiana Harbor West, which was once the world’s most productive galvanizing line. United Steelworkers Local 1011 notified workers that ArcelorMittal tentatively plans to idle No. 1 aluminizing line at ArcelorMittal Indiana Harbor West, formerly the LTV steel mill, in December 2015 in anticipation of shifting the production to the company’s new AM/NS Calvert plant in Alabama.
The steel giant also told employees it planned to close the electric arc furnace at Indiana Long Carbon Plant No. 4 in March 2015, and buy foreign steel from sister plants instead.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.60) and a low price of CNY 840.00 ($136.60) per dry metric ton. Chinese slab prices rose 0.5% to CNY 3,220 ($523.62) per metric ton. The price of Chinese HRC showed little movement yesterday at CNY 2,950 ($479.71) per metric ton.
The cash price of steel billet remained essentially flat at $500.00 per metric ton on the LME. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $480.00 per metric ton.
The spot price of the US HRC futures contract fell 1.3% to $618.00 per short ton. The US HRC futures contract 3-month price held steady around $625.00 per short ton.