Reportedly, ArcelorMittal CEO Lakshmi Mittal said that high labor and energy costs made ArcelorMittal less competitive and regretted the closure of furnaces. He said the energy costs to come down like the United States and Germany will be a key factor to increase productivity. Meanwhile, in France, labor costs are 20% higher than that in Spain. A long battle by trade unions has turned Florance, the last survivor furnace in northeast France. He also pointed out that domestic demand has slumped from car makers, thus it developed more on high-end products for the auto and packaging industry.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64062&division=A9
