ArcelorMittal's hopes invested in last three plants

Steel giant ArcelorMittal is placing its hopes for recovery in its last three active plants in Luxembourg.

Company board member Michel Wurth said at the firm's New Year reception on Wednesday that its strengths lay in the Esch-Belval, Differdange and Dudelange plants.

These, he said, would continue to manufacture competitive products to be sold on the international market.

The spokesman referred to the unexpected closures at Schifflange and Rodange because of a decline in demand. The future of these mills is expected to be discussed in a steel tripartite meeting at the end of February.

ArcelorMittal Long Carbon Steel sector Europe vice president Nico Reuter said that if by the end of March the firm's finances had not improved, the two plants could remain closed for the remainder of the year. But a decision could only be made after March 31.

The firm is expected to draw up a new industrial strategy plan for 2012 to 2015. Mr Wurth hinted that Luxembourg would continue to play a role in this plan. He said: "We want to strengthen the industrial base in Luxembourg."

ArcelorMittal reported a difficult financial year in 2011 and says that steel demand remains significantly below pre-crisis levels.