MOSCOW Oct 14 Russia's largest steelmaker Evraz
will idle its 500,000 tonne-capacity steel mill in the
U.S. state of Delaware due to weak demand and oversupply, the
firm said in a statement on Monday.
An inflow of steel products from Europe due to rising global
oversupply has put pressure on U.S. steel
"Unfortunately, market conditions continue to be challenging
and low market visibility makes it difficult to foresee when
positive changes will occur," John Zanieski, Evraz's Executive
Vice President of Flat Products and Recycling said in the
Like steel firms around the world, Evraz has been downsizing
since signs of a growth slowdown in China and stagnation in
crisis-hit Europe sent steel prices tumbling from all-time highs
Evraz's suspension of work at the U.S. mill, which worked at
around 70 percent capacity in 2012, follows its decisions to
idle its Italian plate mill and to sell its South African
Highveld mill and its Czech Vitkovice steel plant.
The financial results of the firm's U.S. division will not
be affected by the idling of the Delaware plant, Evraz said.
Evraz's London-listed shares, which are trading around 70
percent below their all-time peak hit in early 2012, closed up