Spanish Stainless Steel Mill Faces Ongoing Strikes

 

Spanish Stainless Steel Mill Faces Ongoing Strikes

The Spanish stainless steel mill remains embroiled in a prolonged strike, now exceeding 110 days. Recently, the management announced new measures, further intensifying the situation. Prices for stainless steel scrap and products are expected to rise in June 2024.

Management's Response

Group management has decided to reduce the number of daily shifts from five to three, which will also lead to a reduction in the workforce. This decision has been communicated to the relevant supervisory authorities.

Underlying Reasons

The Group's Q1 2024 earnings report sheds light on the reasons behind these measures. It is important to note that imports are not responsible for this situation. Even the European Commission has acknowledged this in its recent regulations (EU) 2024/1267 and (EU) 2024/1268 on anti-circumvention proceedings against Indonesian stainless steel:

“(38) ...the fact that steel imports into the Union have been stable for the past 10 years.”

Expected Price Increases

Further price increases for stainless steel scrap are anticipated in the EU in June, with alloy surcharges already on the rise. This trend is expected to affect prices at EU mills. 

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