MT Arcelor Mittal New

By Pierre Bertrand

ArcelorMittal Poland said Tuesday that current European market conditions mean it won't be able to restart one of its idled blast furnaces before the end of the year.

The Luxembourg-based steelmaker idled its number 3 blast furnace at its Dabrowa Gornicza plant in early October, citing weakened European demand for steel, slowing economic activity, high energy costs and high foreign steel imports.

"From that time we have been closely observing the market, the forecasts in terms of a possible raise in demand, the long-awaited improvement of European activity. Unfortunately this isn't yet happening. And we don't see any signs of market recovery in the coming weeks," ArcelorMittal said in a statement.

The company was aiming for and hoping to have the furnace operational by December, a spokesperson said.

ArcelorMittal said it continues to see orders in Poland at levels below the minimum threshold for two operating blast furnaces.

It added that it remains prepared to restart the blast furnace, but that market conditions will determine when that will take place. It intends to have blast furnace 3 back online by the time its number 2 blast furnace undergoes repairs in March, ArcelorMittal said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 13, 2022 11:14 ET (16:14 GMT)

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