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Impacts from the COVID pandemic and asset sales saw ArcelorMittal report a 20.4% decline in its crude steel production in 2020.
“The countries worst affected by COVID were the ones that saw drops in their production,” one industry watcher added about lower production at the group’s assets in Europe, Brazil and the United States.
ArcelorMittal output down 20.5%
ArcelorMitttal poured a total 71.5 million metric tons of liquid steel in the 12 months of 2020. Meanwhile, it poured almost 90 million metric tons in 2019, the group noted Feb. 11.
Shipments for the year came to 69.1 million metric tons, down 18.2% year on year from 84.5 million metric tons, ArcelorMittal added.
Tariffs (That Biden Won’t Remove) Threaten the U.S. Manufacturing Recovery (That Biden Wants) SHARE
Bloomberg reports that American steelmakers are imperiling President Biden’s goal of boosting the U.S. manufacturing sector and might, in fact, cause
more industrial offshoring:
Producers that shut furnaces in response to falling demand during the early stages of the coronavirus are still operating plants at well below pre‐pandemic levels, even as recovering economies and tight supplies drive prices higher. The benchmark price for American steel is at an all‐time high.
Companies including Cleveland‐Cliffs Inc. and U.S. Steel Corp. have kept blast furnaces idled on expectations that prices are likely to recede at some point, which would squeeze margins and potentially force expensive shutdowns again at those furnaces. While that tack bodes well for steelmaker profits, customers in industries from automobiles to appliances to machinery say they can’t get
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