Outokumpu, a manufacturer of stainless steel in Finland, stated in a press statement that it will keep its ferro-chrome output to a minimum until the end of Q1 2023.
"Since Outokumpu declared on September 6 that it would be delaying the restart of one of its three ferrochrome furnaces following a maintenance break, the price of electricity has remained astronomically high, and the situation on the energy market has not improved. As a result of this unique circumstance, the firm intends to further postpone the restart of this furnace, at the very least, until the end of the first quarter of 2023 "the business said.
The business will also begin discussions on limiting the manufacturing of ferrochrome. At most 70 persons would be affected by these discussions, which pertain to all of the workers who are involved in the ferrochrome activities.
"Unfortunately, the energy market scenario has not improved, and the high cost of power has continued to harm our ability to compete on pricing with rivals, namely those outside of Europe. In a completely unique circumstance, it may be essential to take the painful but perhaps necessary step of further delaying the furnace's restart. We will look for a way to use our ferrochrome employees in the other Tornio companies throughout the transition talks "Martti Sassi, President of the Ferrochrome business division, said.
Approximately 30% of the total capacity for ferrochrome can be found in the shutdown furnace.
Outokumpu's stainless-steel supplies won't be affected by the ferrochrome manufacturing restrictions, the business claimed.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only