Feb. 17, 2016

ArcelorMittal to Sell U.S. Long Carbon Plants

ArcelorMittal is looking to sell three of its long carbon facilities in the United States as it tries to pare down significant 2015 losses. The company plans to sell its ArcelorMittal La Place mill in Louisiana, its Steelton operation in Harrisburg, Pa., and the Vinton plant in Canutillo, Texas. Additionally, the company is temporarily idling its Sestao plant in Spain.

Luxembourg-based ArcelorMittal, the world’s largest steel company, reported a loss of $7.9 billion in 2015. In the fourth-quarter alone, ArcelorMittal’s losses totaled $6.7 billion. Some of the losses were related to the previously announced idling of the steel shop and rolling facilities at the company’s Indiana Harbor facility.

Apparent steel consumption in the U.S. declined by 9.6 percent in 2015, ArcelorMittal reported. The company anticipates consumption to grow 3-4 percent this year, despite further declines in oil country tubular goods demand.


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Tuesday, October 17, 2017