Leading NRI billionaire Lakshmi N Mittal’s ArcelorMittal has decided to mothball one of its plant in Spain, citing “extremely adverse” market conditions that have hit the European steel industry, a week after Tata steel announced over a 1000 job cuts in its plant in England.
The world’s biggest steelmaker blamed the indefinite closure in its steel plant at Sestao in Spain, which could affect as many as 330 jobs, on adverse market conditions in the steel industry across Europe, largely owing to the falling steel prices and cheaper imports from China. The plant will be idled from February and the workers will be temporarily laid off.