Acciai Speciali Terni (AST), which already stopped production for three days between November 28 and December 1, the end of November 2023, also plans to stop production for the Christmas holidays in December and January. AST, part of the Arvedi Group, is said to have taken this decision due to the slowdown in the steel market and the high cost of energy resources.
Sources said that the decision was taken after a drop in the volume of orders in the EU market, which led to an increase in demand in September-October, while economic uncertainty and the slowdown in orders had a negative impact on the volume and profitability of stainless steel production in Italy. According to Assofermet, production costs are rising as demand remains weak. This is reportedly emphasizing that the sector will face the worst margin contraction in 2023.
According to the source's October 2023 results, Italy's steel production volume fell by 1.4% over the previous month to 1.93 million tons. According to the January-October 2023 results, Italy reduced its steel output by 3.4% to 17.87 million tons compared to the same month in 2022.
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