ArcelorMittal plans to shut down a 114-year-old facility in East Chicago, Ind., which would impact more than 300 workers. The company says the “great majority” of those workers could move to other facilities. Earlier this month, U.S. Steel Corp. announced plans to idle its East Chicago steel mill and lay off nearly 370 workers.
ArcelorMittal says the plant has lost money each year since 2011. It produces steel bars there used in the automotive industry.
The company says it plans to idle the facility in March, then shut it down permanently over the next 3 months.
Closing at CNY 2,430 ($391.51) per metric ton on Friday, January 23, Chinese slab saw the biggest change at a 2.0%. Chinese HRC stayed flat at around CNY 2,740 ($441.46) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,080 ($174.00) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.34) and a low price of CNY 840.00 ($135.34) per dry metric ton.
The steel billet cash price saw little movement on the LME at $500.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $480.00 per metric ton.
The 3-month price of the US HRC futures contract held steady around $575.00 per short ton. Following two days of downward movement, the US HRC futures contract spot price held steady at $583.00 per short ton.