Friday 31 October 2008
Financial crisis shuts steel furnaces in Europe
ARCELORMITTAL is shutting down its steel-making furnaces across Europe, as the financial crisis precipitates a fall in demand from carmakers.
The steel giant says its furnaces would be inactive for at least six months, slashing the company’s continental output by 30%. Affected plants are mostly in France and Belgium.
The shutdowns will continue until March 2009, and while the steel maker is not laying off workers, staff left without work would need to take leave, take temporary unemployment benefits, or go into training.
Globally, the company has already announced a production cut of 15%.
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