Thyssenkrupp halts electrical steel production amid market pressure [Yahoo! Finance]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Yahoo! Finance
Operations at the plants in the German city of Gelsenkirchen and the French city of Isbergues are set to come to a standstill from mid-December until the end of the year, Germany's largest steelmaker said in a statement. On top of that, production at Isbergues is set to be reduced to 50% of total capacity for at least four months in response to "the massively increased inflow of low-priced imports, especially from Asia," Thyssenkrupp Steel said. So-called grain-oriented electrical steel is a specialized material used in the energy industry for electricity transmission, for example in transformers in substations and wind turbines. Thyssenkrupp is one of two remaining manufacturers in Europe that makes electrical steel, according to the firm. "The European market for grain-oriented electrical steel is currently under severe pressure driven by sharply rising import volumes priced well below the average production costs in the EU," the statement read, adding that imports have tri
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