The shift from Luxembourg to green steel production is unfolding with delays for the Gijón project, and a fresh postponement adds another month to the timeline. The original plan called for presenting the decarbonisation proposal for the Gijón plant to the multinational investment committee last May. Before that step could happen, the Spanish subsidiary needed to secure an agreement with staff to manage the roughly 960 job exits tied to the transition to low-emission steel. Although a high-level meeting in Davos between ArcelorMittal’s president and Spain’s head of state highlighted a favorable outlook for the company’s Spanish operations, execution fell short of the May target and will not occur in June. Management conveyed that they would still pursue the planned investments in the Asturian plants, stressing a commitment to proceed and explore ways to accelerate activities later, while acknowledging the one-month delay as a setback in the overall plan. It remains clear that the company is aiming to balance decarbonisation commitments with the practical realities of workforce adjustments and investment timelines, and stakeholders are watching closely how this balance will play out in the coming quarters.
At the core of the discussions within Spain’s framework agreements, there was a concerted effort to finalize terms with the unions. No meeting was scheduled for the current week, and earlier in the week, management informed union representatives that the eighth scheduled session would be postponed due to conflicts in the agenda. Without this critical gathering, reaching a consensus ahead of the company’s next investment committee becomes increasingly challenging. The situation underscores how delicate the sequencing of negotiations, workforce restructuring, and capital planning can be when large-scale industrial transitions are at stake, especially in a region that is central to the company’s European footprint.
In related corporate developments, Acerinox announced that it is engaging with the National Securities Market Commission to explore a potential merger with Aperam, a stainless steel producer that has been considering changes in its corporate strategy. At this stage, the talks are described as very preliminary. The Mittal family, which holds a substantial stake in ArcelorMittal, controls a significant portion of Aperam’s voting rights, and any deal would require broad approval at the holders’ level. If completed, the merger would consolidate a large segment of the European steel industry. Source material notes that the industry-wide consolidation picture is evolving, with players assessing strategic moves to strengthen positions in a volatile market environment and to align with regulatory expectations within the European Union. The implications of such a consolidation would extend beyond corporate control, potentially shaping supply chains, investment priorities, and regional employment considerations across Spain and neighboring markets. This overview comes from direct corporate communications and regulatory filings as of the latest available updates, which indicate ongoing reviews and preliminary discussions rather than a finalized agreement.