Dhalgren
10-15-2013, 08:53 AM
America’s post-crisis reindustrialization and rail projects have provided greener pastures for Evraz, but now Russia’s largest steel producer will suspend operations at a Delaware plant after a sharp fall in metals prices and weak market conditions.
The Claymont, Delaware, mill will wind-down operations over the next two months and nearly all of the plant’s 375 employees will be laid off. The company is evaluating different scenarios under which it can reopen the 500,000 ton-capacity plant.
Just in time for Christmas.
Evraz, America’s number one rail producer, said that it doesn't expect a financial loss tied to the closure, and current Claymont customers will be served by one of the other seven operational production units in North America, five in Canada, and two in the US states of Oregon and Colorado, where demand for rail is high.
Evraz is headed by Chelsea football team owner and billionaire Roman Abramovich, whose personal fortune has declined with falling steel product prices, which, as a basket, have dropped by 3.4 percent since the beginning of September.
(My bolding) How sad.
Russian steel and coal group Mechel, which has accumulated over $9.5 billion in debt, is planning to sell its last American asset- Bluestone coal company by November.
Looks like they are deserting the ship, eh? Times is tough in Mudville.
There is more at the article. They go into some pains to make sure that you understand that it is purely economics driving this, and probably so, but it bodes ills, nonetheless...
http://rt.com/business/evraz-drops-american-plant-214/
The Claymont, Delaware, mill will wind-down operations over the next two months and nearly all of the plant’s 375 employees will be laid off. The company is evaluating different scenarios under which it can reopen the 500,000 ton-capacity plant.
Just in time for Christmas.
Evraz, America’s number one rail producer, said that it doesn't expect a financial loss tied to the closure, and current Claymont customers will be served by one of the other seven operational production units in North America, five in Canada, and two in the US states of Oregon and Colorado, where demand for rail is high.
Evraz is headed by Chelsea football team owner and billionaire Roman Abramovich, whose personal fortune has declined with falling steel product prices, which, as a basket, have dropped by 3.4 percent since the beginning of September.
(My bolding) How sad.
Russian steel and coal group Mechel, which has accumulated over $9.5 billion in debt, is planning to sell its last American asset- Bluestone coal company by November.
Looks like they are deserting the ship, eh? Times is tough in Mudville.
There is more at the article. They go into some pains to make sure that you understand that it is purely economics driving this, and probably so, but it bodes ills, nonetheless...
http://rt.com/business/evraz-drops-american-plant-214/