ArcelorMittal declares force majeure in Europe on raw materials

ArcelorMittal’s sourcing business has declared force majeure on contracts amid the spread of the novel coronavirus (2019-nCoV) in Europe, according to a letter seen by Fastmarkets.

New measures set out by authorities to confine populations and by the company to protect employees have triggered severe disruptions to operations, the document said.
The move has sparked predictions that many steel companies will likely follow suit as the Covid-19 pandemic worsens. “Everybody’s going to be declaring force majeure. We saw it all the time after the global financial crisis of 2008,” a source told Fastmarkets.

A number of market participants in the ferro-alloys industry told Fastmarkets that they had received the letter, but various markets are understood to...

Published

March 20, 2020

16:42 GMT

New York