ArcelorMittal to Temporarily Cut EU Steel Production

   By Olivia Bugault 
 

ArcelorMittal (MT.FR) said Monday that it will temporarily reduce its annualized European primary steel production by around three million metric tons.

The Luxembourg-based steelmaker said production at its steelmaking facilities in Krakow, Poland, will be idle, while it will reduce production in Asturias, Spain.

ArcelorMittal will also slow down its planned increase of shipments at its Italian arm ArcelorMittal Italia, and will focus on cost and quality rather than volume.

These actions will result in a three-million-ton reduction in steel production, it said.

"These actions reflect the weak demand environment in Europe today, a situation further compounded by increased imports despite the safeguard measures introduced by the European Commission," Chief Executive Officer Geert van Poelvoorde said, adding that high energy costs and increasing carbon costs are contributing to the tough environment.

Write to Olivia Bugault at [e-mail]

(END) Dow Jones Newswires

May 06, 2019 03:36 ET (07:36 GMT)

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