This Morning in Metals: ArcelorMittal Cuts European Production Again

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This morning in metals news, steelmaker ArcelorMittal again cut its European steel production, Britain’s Official Receiver has been in touch with more than 80 potential bidders for British Steel and a Mexican steel executive was jailed in Spain and faces extradition to Mexico.
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ArcelorMittal Slashes European Production Again

For the second time this month, steelmaker ArcelorMittal has cut production at its European steel mills, Reuters reported.
After cutting production by approximately 3 million tons earlier this month, the steelmaker’s latest cuts amount to 1.0-1.5 million tons, according to Reuters.

Looking for a Buyer

Following last week’s news of British Steel’s liquidation, the formal process is underway to solicit interest for the embattled steelmaker from potential buyers.
According to the BBC, the Official Receiver has made contact with more than 80 potential buyers.
British Steel, the second-largest steelmaker in the U.K., went into liquidation last week after it failed to secure an emergency loan from the government (on top of the £120 million loan it previously received to pay its E.U. carbon bill).

Head of Mexico’s Biggest Steelmaker Faces Extradition

The Associated Press reported the head of Mexico’s biggest steelmaker has been jailed in Spain and faces extradition to Mexico, where he would face charges related to corruption.
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Alonso Ancira Elizondo, president of Altos Hornos de Mexico, was jailed late Tuesday, according to the report.

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