Dozens of artists bring new life to a gigantic former ironworks on UNESCO's world heritage list

VÖLKLINGEN, Germany (AP) — Dozens of urban artists from 17 countries have converged on one of Europe's most important industrial landmarks for a show that takes advantage of the former ironworks' sprawling spaces and aura of abandonment.

At the Völklinger Hütte, or Völklingen Ironworks, the Urban Art Biennale 2026 is getting underway, continuing what has grown into a biennial tradition over the past decade and a half.

“This location is at the core of street art and graffiti art,” said Ralf Beil, the general director of the site, which is open to the public as a museum. “It all began in industrial places like this.”

Artists “love this place and they do works for the Völklinger Hütte, in the Völklinger Hütte, with the Völklinger Hütte,” he said.

This year's show features 50 artists. They include France-based Tomas Lacque, whose installation features a small van, a pile of tires, toys and debris covered in a coat of paint. Standing in a hall where furnaces once worked, it appears to evoke fossil-fueled mobility being covered in ash like Pompeii.

Spanish artist Ampparito has painted the words “no hay nada de valor” (roughly, "There is nothing of value here") in huge white letters on the roof of one of the site's massive sheds — a work best seen from a viewing platform 45 meters (148 feet) above ground level.

Dutch artist Boris Tellegen, better known as Delta, contributed a massive green-and-black wooden sculpture that lights up the interior of the ironworks. French-based collective Vortex-X, who recycle salvaged material, stretched rays of white industrial fabric across one of the building's halls in a work titled “Memory in transit.”

The ironworks spreads over a 6-hectare (nearly 15-acre) site, a maze of chimneys and furnaces in which visitors still encounter ominous industrial-era signs warning of risks such as a “danger of crushing.” They dominate the town of Völklingen, near Germany’s border with France.

They have been on UNESCO’s world heritage list since 1994, recognized as “the only intact example, in the whole of western Europe and North America, of an integrated ironworks that was built and equipped in the 19th and 20th centuries.”

The furnaces have been cold since 1986, when production ended, and the site has been preserved as it was then. But its appearance is much older, as no new installations were added after the mid-1930s.

“It’s so dusty and it’s so old, but it’s beautiful, you know, there’s beauty in decay,” said British artist Remi Rough. “I think what I’ve done makes you kind of just perceive it in a bit of a different way.”

Rough contributed small paintings that he said were meant to be “very clean and clinical,” in contrast to the site.

Danish artist Anders Reventlov said he felt “humble to be able to do something here.”

“As somebody told me ... it was hell to work here,” he said. “Now it’s not hell. It’s like a nice place, people walking around, there are bees, there are beautiful flowers, but yeah, we still remember the history and that’s super important.”

Beil said that organizers “want pieces which are really original for this space and this also is then prohibiting (them) from being commercial."

“This is an installation for the space,” he said. “This is pure art.”

The Biennale opens Saturday and runs until Nov. 15.

Geir Moulson in Berlin contributed to this report.

The installation "Transit der Erinnerung", Transit of Memory, by artist Vortex-X is on display at the at the former ironworks Voelklinger Huette, World Cultural Heritage Site, as part of the exhibition Urban Art Biennale 2026 in Voelklingen, Germany, Wednesday, May 6, 2026. (Oliver Dietze/dpa via AP)

Frank Kraemer, exhibition director, stands next to the installation "Affichage Libre" by artist Joachim Romain at the exhibition Urban Art Biennale 2026 at the former ironworks Voelklinger Huette, World Cultural Heritage Site, in Voelklingen, Germany, Wednesday, May 6, 2026. (Oliver Dietze/dpa via AP)

A woman takes a photo of the installation "Les Silence des Departs" by artist Tomas Lacque at the exhibition Urban Art Biennale 2026 at the former ironworks Voelklinger Huette, World Cultural Heritage Site, in Voelklingen, Germany, Wednesday, May 6, 2026. (Oliver Dietze/dpa via AP)

The installation "One Beam" by artist Boris Tellegen, is on display at the former ironworks Voelklinger Huette, World Cultural Heritage Site, as part of the exhibition Urban Art Biennale 2026 in Voelklingen, Germany, Wednesday, May 6, 2026. (Oliver Dietze/dpa via AP)

NEW YORK (AP) — Most of the U.S. stock market rose Friday after oil prices eased back to where they were before the war with Iran, but drops for stocks swept up in the mania around artificial-intelligence technology kept the market in check.

The S&P 500 finished nearly flat and slipped less than 0.1% to close out just its second losing week in the last 13. The Dow Jones Industrial Average dipped 44 points, or 0.1%, and the Nasdaq composite fell 0.2%.

Stocks got a boost as the price of Brent crude oil, the international standard, dropped 3.8% to $72.60. That’s lower than it was the day before the United States and Israel attacked Iran, which eventually led to the closure of the Strait of Hormuz and the curtailment of oil shipments worldwide.

The easier oil prices helped stocks of companies with big fuel bills, and American Airlines Group climbed 1.7%.

Health care stocks, meanwhile, were some of the strongest forces pushing upward on the market after a committee of the European Medicines Agency recommended several medicines for approval and the extension for another dozen of their therapeutic indications. That included one for Eli Lilly, whose stock jumped 7.1%.

Besides Lilly, nearly two out of every three stocks within the S&P 500 rose. But more drops for AI stocks helped to overshadow them.

After soaring to tremendous heights and leading the market for years, AI stocks have been under pressure recently because of worries their profits can’t possibly keep pace with the tremendous rallies for their stock prices. And those drops have an outsized effect because AI stocks have become Wall Street’s largest and most influential, giving movements for their stock prices more weight on indexes than others.

Micron Technology’s drop of 6.7% was the heaviest weight on the market, for example. The maker of memory for computers has been a big winner this year, with its stock roughly quadrupling, because the AI boom has created a surge of demand for its products.

But investors saw the downside of that surge Thursday, when Apple said it had to raise prices on laptops and other products by significant percentages to make up for the increases in memory prices. The worry is that such higher prices could ultimately lead to lower demand.

Highlighting the roller-coaster ride that AI stocks have been on, SpaceX briefly dropped 2.9% in the morning and fell below $149. It then erased the loss to swing to a gain of 3.5% before finishing with a modest rise of 0.2%.

After initially selling its stock at $135 apiece in its ballyhooed initial public offering earlier this month, SpaceX’s price briefly soared above $225 within its first few days of trading. Besides rockets, Elon Musk’s company also owns the xAI artificial-intelligence business.

The day’s largest loss in the S&P 500 was a 23.7% drop for ON Semiconductor, which said it agreed to buy Synaptics in an all-stock deal valued at roughly $7 billion.

All told, the S&P 500 slipped 3.47 points to 7,354.02. The Dow Jones Industrial Average dipped 44.51 to 51,876.11, and the Nasdaq composite fell 60.99 to 25,297.62.

In the bond market, Treasury yields eased with oil prices. The yield on the 10-year Treasury fell to 4.37% from 4.40% late Thursday.

It fell after a report showed expectations for inflation in the coming year inched down among U.S. consumers to 4.6% from 4.8% in May. That’s still high, but moves downward mean less chance of a vicious cycle where expectations for higher inflation drive changes in behavior that create higher inflation.

High yields in bond markets worldwide caused by worries about inflation have been threatening to slow economies, and they have already sent rates higher for mortgages and other kinds of loans. High yields also hurt prices for investments, particularly those seen as the most expensive. That raises the pressure on AI winners.

Asian stock markets began Friday with sharp drops because of losses for AI winners.

In Japan, a 12.5% plunge for Softbank Group Corp. helped pull the Nikkei 225 index down by 4.2%. The company is a major investor in OpenAI, the maker of ChatGPT, and a report in The New York Times suggested OpenAI is considering delaying an initial public offering of its stock to next year from the second half of this year.

Such an IPO would give OpenAI the chance to raise more cash to spend on data centers, as well as the opportunity for early investors like Softbank to cash out some of their holdings. But the recent stumbles for SpaceX’s stock and for AI stocks broadly may be a signal of less appetite for big AI stocks among investors.

In South Korea, SK Hynix fell 8.4%, and Samsung Electronics sank 5.3%. That helped pull the Kospi 5.8% lower and trim its gain for the year so far to 99.6%.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Edward Curran works on the floor of the New York Stock Exchange, Friday, June 26, 2026. (AP Photo/Richard Drew)

Traders Robert Charmak, left, and Mark Puetzer work on the floor of the New York Stock Exchange, Thursday, June 25, 2026. (AP Photo/Richard Drew)

Specialist Michael Gagliano works at his post on the floor of the New York Stock Exchange, Thursday, June 25, 2026. (AP Photo/Richard Drew)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)