ArcelorMittal Reduces Production, Starts Cost-Saving Amid Coronavirus Pandemic
March 31 2020 - 2:57AM
Dow Jones News
By Kim Richters
ArcelorMittal said Tuesday that it is reducing production and
starting measures to save cash and cut costs amid the coronavirus
pandemic.
The Luxembourg-based steel maker said it is temporarily idling
steelmaking and finishing assets, and adapting operations
individually in each country in which it is active to meet regional
demands and government requirements.
The steps ArcelorMittal is taking also include "accessing
measures introduced by governments to support companies throughout
these unprecedented times."
ArcelorMittal said it is "either seeing or expect to see a
significant decline in industrial activity in many if not all of
the geographic markets in which we operate, which is impacting our
business."
The company will update its guidance on May 7 when releasing
first quarter results and has postponed its annual general meeting
scheduled for May 5 without announcing a new date so far.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
March 31, 2020 02:42 ET (06:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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