One of only two US-based grain-oriented electrical steel (GOES) producers recently idled production of the specialty metal, alone with some of its stainless melting and finishing operations. Commodity data from China continues to disappoint.
ATI Idles Stainless Line, GOES Operations Over Low Prices
Allegheny Technologies, Inc. has idled its standard stainless melt shop and sheet finishing operations at its Midland, Pa. facility. ATI also idled its grain-oriented electrical steel (GOES) operations, including its Bagdad, Pa. facility.
ATI said, in a statement, that the future restart of the Midland and GOES operations, respectively, will depend on future business conditions and ATI’s ability to earn an acceptable return on invested capital on products produced at those operations.
Chinese Slowdown Continues in November
China’s output of key industrial commodities, including coal and steel, remained weak in November amid chronic oversupply as slowing construction demand took its toll.
The world’s second-largest economy has been hit by weak demand at home and abroad, factory overcapacity and challenges posed by its transition to a consumption-led growth model from one reliant on investments