MT - Truckers strike forces ArcelorMittal to idle three Spain steel mills

ArcelorMittal (NYSE:MT) says it has idled three steel mills in Spain and partly closed two others after a truckers strike disrupted supplies of scrap metal, iron ore and equipment. The steelmaker says the strike forced it to suspend production at its Bergara mill from March 16 and at its Legasa and Lesaka mills from March 26, and closed parts of the mills in Gijon and Aviles for lack of supplies. ArcelorMittal already has cut production during hours of peak demand, when power prices spike, at its electric powered steel mills in Spain to reduce costs. ArcelorMittal shares "look undervalued below the low-to-mid-$40s, but there are outsized company specific risks," Stephen Simpson writes in an analysis published on Seeking Alpha.

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Truckers strike forces ArcelorMittal to idle three Spain steel mills