Evraz stops production at Italian mill as steel plate market weakens
Miner Evraz has announced that it is to stop operations at the Palini e Bertoli plate mill in Italy on 20 August (release).
Evraz says that the suspension is expected to last until at least the end of October.
EVRAZ Palini e Bertoli remains committed to duly perform under all existing arrangements and will execute all shipments under the current order book. After the suspension of EVRAZ Palini e Bertoli customer orders will be channelled to other facilities of EVRAZ to the extent possible. The Company doesn't expect any adverse effects on the performance of the Russian operations, which previously supplied slabs to EVRAZ Palini e Bertoli, as these volumes can be offered to the market at similar terms.
EVRAZ is undertaking all necessary steps to minimise the costs of the temporary shutdown and maximise the release of the working capital associated with the Italian mill
The European steel plate market has seen some recent weakening as commodity values have witnessed a global slump.