ArcelorMittal's EU furnaces to face permanent shutdown- Citi  

European furnaces
temporarily closed by ArcelorMittal in response to poor demand are unlikely to
be fired back up again, say analysts at financial services supplier Citi.

Anindya Mohinta of Citi said, “We think all the plants shut
down temporarily will be permanent – Luxembourg, France and Spain will
definitely go”. 

In a earlier move to curb the poor demand, ArcelorMittal had
temporarily idled electric arc furnaces at Sestao and Madrid in Spain
and Schifflange in Luxembourg, and blast furnaces at Florange in
France, Eisenhüttenstadt in Germany and Dabrowa Górnicza in Poland. 

And further capacity closures are likely to be seen in
Europe, said analysts following. But opinion is divided over how soon this will
happen and whether the world’s biggest steelmaker or one of its competitors
will take action first.