9,012.87 TRY BIST 100 BIST 100
34.22 USD USD USD
37.88 EUR EUR EUR
4.90 CNY CNY CNY
0.13 CNY CNY/EUR CNY/EUR
41.62 TRY Interest Interest
74.90 USD Fossil Oil Fossil Oil
31.63 USD Silver Silver
4.65 USD Copper Copper
107.97 USD Iron Ore Iron Ore
367.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,922.29 TRY Gold (gr) Gold (gr)

Thyssenkrupp decides to close the "Galmed Factory" in Spain for the second time

Thyssenkrupp announced its decision to close the Spanish Galmed (FBA9) plant near Valencia.

Thyssenkrupp decides to close the "Galmed Factory" in Spain for the second time

German steelmaker Thyssenkrupp has announced its decision to close its Spanish Galmed (FBA9) plant near Valencia. The Sagunto plant produces 450,000 tons of hot-dip galvanized coils a year, mainly supplied to the automotive sector. The company said it took this decision due to the significant deterioration of the European car market and the consequent decrease in demand for galvanized steel products in Spain and Southern Europe.

Thyssenkrupp said that the capacity of the Sagunto production line is underutilized and that this trend will intensify in the short term, making the plant economically unsustainable. The company confirmed that the closure of FBA9 has become economically imperative. Thyssenkrupp also stated that the closure of the plant will be completed in about 12 months and that they will offer employment to 120 employees. These solutions will include negotiations with PowerCo, the battery unit of the Volkswagen Group.

This is the second time Thyssenkrupp has taken a similar decision regarding the FBA9 site, which was previously closed in 2013 due to low market demand. The company had reopened the plant three years later due to intense protests and political pressure. Now, however, it has decided to close it again due to economic difficulties and declining demand.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Fortescue introduces electric graders powered by Zero battery system

Thursday, October 3, 2024

China files appeal to WTO on Canada’s electric vehicle and steel tariffs

Thursday, October 3, 2024

NMDC's iron ore sales increased by 13.83% in September

Thursday, October 3, 2024

Outokumpu Mexinox faces delivery delays after flooding halts production

Thursday, October 3, 2024

Shyam Metalics launches stainless steel rebar for coastal projects

Thursday, October 3, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now