Under the influence of the epidemic, overseas steel companies are in an unprecedented predicament. June 16, South Korea's largest steelmaker POSCO multiple production lines shut down part of the production equipment began, for the first time after the 2009 financial crisis. South Korea's second largest steel company, Hyundai Steel, also closed its Karatsu hot-rolled steel plant with an annual capacity of 1 million tons earlier this month.
Since the epidemic began to affect the market, Brazilian steelmakers have been cutting steel output. Brazilian steel maker Gerdau has announced several production reduction plans, including the temporary closure of a blast furnace with a capacity of 1.5 million tons.
Recently, US Steel Division expects second-quarter adjusted EBITDA loss of approximately $315 million. This means that US steel companies lost $706 million in the first two quarters.
