ArcelorMittal to Further Cut Steel Production in Europe

Date : 05/29/2019 @ 7:36AM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 15.156  0.372 (2.52%) @ 4:39PM
ArcelorMittal share price Chart

ArcelorMittal to Further Cut Steel Production in Europe

ArcelorMittal (EU:MT)
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   By Max Bernhard 
 

ArcelorMittal (MT.FR) said Wednesday that it will further reduce steel production in Europe due to weak demand and high levels of imports.

The steel maker, one of the largest in Europe, said it will lower primary production at its facilities in Dunkirk, France and Eisenhuettenstadt, Germany and reduce production at its site in Bremen, Germany in the fourth quarter of this year. The company will also extend a repair-related stoppage planned for the fourth quarter at its plant in Asturias, Spain.

"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 ArcelorMittal Europe Chief Executive Flat Products Geert van Poelvoorde. He added that this is a temporary measure until 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," he said.

Earlier in May, ArcelorMittal said it would temporarily idle production at its sites in Krakow, Poland and reduce production in Asturias.

 

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

May 29, 2019 03:21 ET (07:21 GMT)

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