Friday, 14 May, 2021

Mittal asks for help from Brussels to counter Chinese steel


The steel giant suffered a net loss of nearly $ 8 billion in 2015 amid falling steel prices.

ARCELORMITTAL, REBOUND AT MID-SESSION IN PARIS

The boss of the steel and mining giant ArcelorMittal, who announced in early February a plan to reduce its colossal debt, assured that he did not intend to reduce its production in France, in an interview with the newspaper Les Echos to be published on Thursday . “We have no intention of closing significant capacities in France. We have a very stable business here, and we do not plan to reduce our industrial production, ”said Lakshmi.Mittal in everyday economic life. “We will do everything possible so that there is no impact on employment,” he added, without further clarification.

The steel giant had implemented a severe restructuring in Europe in recent years, with the closure in particular of the blast furnaces of Florange in Lorraine and Liège in Belgium.

The group suffered a net loss of nearly $ 8 billion in 2015 amid falling prices for steel and iron ore. To reduce its net debt by $ 15.7 billion, it will reduce its investments and carry out a capital increase of $ 3 billion, which is expected to be concluded during the first half of the year.

In the Chinese file, Lakshmi Mittal considered that it was “vital to ask the question whether China really presents all the conditions necessary to obtain” market economy status with the European Union, a key which could lead to a sharp drop in its customs duties.

ArcelorMittal officials regularly protest against Chinese steel exports which push prices down in its main markets. They call on Brussels to act against this practice which they qualify as dumping.

(With AFP)

Challenges graphics

  • Employment in drug companies is getting better
  • Wind power in Europe surpasses coal
  • Ultra Laptops Boost Laptop Sales

0 comments on “Mittal asks for help from Brussels to counter Chinese steel

Leave a Reply

Your email address will not be published. Required fields are marked *