This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ArcelorMittal To Close Steel Plants In Belgium


BRUSSELS (AP) â¿¿ The world's leading steel and mining company ArcelorMittal said Thursday it will close a coke plant and six production lines in Belgium, in a move that threatens 1,300 jobs.

The company said collapsing demand for steel and structural overcapacity in the sector have forced it to take the measures in eastern Liege, which has had a steel industry going back two centuries.

ArcelorMittal Liege CEO Bernard Dehut said lack of orders and an ailing European economy have made it "increasingly apparent that further action is required" in order to stem the continued losses in Liege.

After the closures, the company said it will be operating five steel production lines which will employ 800 people.

The FGTB socialist union said the move, if fully enacted, would reduce employment in the sector to some 900 workers in what was once a main steel hub with over 30,000 steel workers in the 1970s. By 2005, that total had already shrunk to some 5,000.

"The workers are under shock," said FGTB steel leader Robert Rouzeeuw. "We will have to pull ourselves together. We need to see how the politicians will react."

Belgian Prime Minister Elio Di Rupo immediately announced he would seek a meeting with Lakshmi Mittal, the head of the steel group since both were attending the World Economic Forum in Davos.

And instead of traveling on to a summit meeting in Latin America, Di Rupo said he would return to Belgium to assess the situation in Liege.

Over the last few decades, one of the main industries that powered Europe's industrial revolution has suffered from waning demand across the continent â¿¿ Arcelor says steel demand in Europe is 29 percent down than before the three-year crisis â¿¿ and growing competition from around the world.

The workers hope that the government will intervene to save jobs.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.60%
FB $117.44 -0.95%
GOOG $692.33 -0.84%
TSLA $232.12 -4.00%
YHOO $36.02 -1.40%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs