ArcelorMittal to close Saldanha operation

The company, majority owned by ArcelorMittal, announced in September that it could close some operations as part of a review aimed at strengthening long-term sustainability amid cheap imports, rising costs and a flagging local economy.

“Saldanha ... has lost its structural competitive cost advantage to effectively compete in the export market, mainly due to raw material and regulated prices,” the statement said, adding the site is suffering severe financial losses forecast to continue for the foreseeable future. Saldanha ... has lost its structural competitive cost advantage to effectively compete in the export market, mainly due to raw material and regulated prices

Source: Financial Digest (financialdigest.net)

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