Thyssenkrupp to shut electrical steel plants in Germany, France

(Sharecast News) - German steel giant Thyssenkrupp has announced plans to close certain plants across Germany and France as cheap imports flood the European market, would could results in up to 1,200 job losses. From mid-December until the end of the year, Thyssenkrupp Electrical Steel will shutter facilities in Gelsenkirchen in Germany and Isbergues in France, with the latter then operating at 50% capacity from January onwards.

The move follows a trebling of imports of grain-oriented electrical steel into Europe over the past three years as low-priced shipments from places like China - after trade was diverted to Europe due to higher US steel tariffs - have impacted demand for domestic producers on the continent.

"Grain-oriented electrical steel is indispensable for Europe's energy infrastructure and the energy transition," said Marie Jaroni, chief executive of Thyssenkrupp Electrical Steel.

"We are strongly committed to maintaining production in Europe and are currently working to ensure effective market protection in order to guarantee fair competition for this strategically important product."

Thyssenkrupp shares were down 1.2% art €8.83 by 1316 GMT.