The company cited a combination of factors contributing to this difficult choice, including:
- Weakening Demand: A decline in demand for steel products within the European Union, driven by factors such as reduced construction activity and decreasing demand from the automotive sector.
- Rising Costs: Increased production costs in Europe compared to other regions, including higher wages, energy expenses, and the need for decarbonization efforts.
- Intense Competition: The influx of cheaper steel imports, particularly from China and India, has put significant pressure on European steel producers.
The closure of the Born facility is expected to have a significant impact on the local economy, as it will result in job losses and a reduction in economic activity. ArcelorMittal has indicated that it will provide support to affected employees through a social plan.
While this closure represents a setback for the European steel industry, ArcelorMittal remains committed to its operations in other parts of the Benelux region. The company will continue to focus on providing high-quality steel products and services to its customers.