ArcelorMittal Announces New Production Cuts
In a statement, ArcelorMittal said it will throttle back primary steel production at its plants in Dunkirk, France, and Eisenhüttenstadt, Germany. It also will extend the length of planned fourth-quarter blast furnace outages in Bremen, Germany, and Asturias, Spain, it said.
The company said the moves are temporary.
“This is again a hard decision for us to have taken but given the level of weakness in the market, we feel it is the prudent course of action,” said Geert van Poelvoorde, chief executive of ArcelorMittal Europe’s flat products business.
“This will be a temporary measure that will be reversed when market conditions improve. In the meantime, our employees remain our utmost priority and we are doing everything we can to ensure that the right social measures are in place to support them and their families during this difficult time.”
ArcelorMittal earlier this month said it would reduce production by the equivalent of 3 million metric tons annually, citing market softness and imports.