Steel Giant ArcelorMittal Faces Growing Economic Headwinds ...Middle East

Via AG Metal Miner As markets prepare for more bad steel news, ArcelorMittal plans to idle one of two blast furnaces at its Fos-sur-Mer site in southern France. The Luxembourg-headquartered group stated on November 4 that the move was a direct response to current market conditions. “In a sharply deteriorated macro-economic context, coupled with a major impact from soaring energy prices and an increase in steel imports in Europe, the Fos-sur-Mer site is, in turn, facing a slowdown demand for steel. Order forecasts are down for late 2022 and…

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