Arcelormittal Prepares To Further Reduce Primary Production In Europe As Market Weakness Continues

TIDMMT 
 
 
   29 May 2019, 08:45 CET 
 
   Further to the announcement made on 6 May, ArcelorMittal today announces 
its decision to take additional steps to adjust its European production 
levels to further align its production to the current market demand. The 
company continues to be impacted by weak market demand and high import 
levels in Europe. 
 
   As a result, ArcelorMittal will: 
 
 
   -- Reduce primary steelmaking production at its facilities in Dunkirk, 
      France and Eisenhüttenstadt, Germany; 
 
 
 
 
 
   -- Reduce primary steelmaking production at its facility in Bremen, Germany 
      in the fourth quarter of this year, where a planned blast furnace 
      stoppage for repair works will be extended; 
 
 
 
 
 
   -- Extend the stoppage planned in the fourth quarter of this year to repair 
      a blast furnace at its plant in Asturias, Spain. 
 
 
   Commenting, Geert van Poelvoorde, CEO, ArcelorMittal Europe -- Flat 
Products, said: 
 
   "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. 
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." 
 
   On 6 May, ArcelorMittal announced its intention to temporarily idle 
production at its steelmaking facilities in Kraków, Poland and 
reduce production in Asturias, Spain. The announcement also impacted the 
planned increase of shipments at ArcelorMittal Italia to a six million 
tonne annual run-rate; the planned increase will be slowed down 
following a decision to optimise cost and quality over volume in the 
current environment. 
 
   About ArcelorMittal 
 
   ArcelorMittal is the world's leading steel and mining company, with a 
presence in 60 countries and an industrial footprint in 19 countries. 
Guided by a philosophy to produce safe, sustainable steel, we are the 
leading supplier of quality steel in the major global steel markets 
including automotive, construction, household appliances and packaging, 
with world-class research and development and outstanding distribution 
networks. 
 
   Through our core values of sustainability, quality and leadership, we 
operate responsibly with respect to the health, safety and wellbeing of 
our employees, contractors and the communities in which we operate. 
 
   For us, steel is the fabric of life, as it is at the heart of the modern 
world from railways to cars and washing machines. We are actively 
researching and producing steel-based technologies and solutions that 
make many of the products and components people use in their everyday 
lives more energy efficient. 
 
   We are one of the world's five largest producers of iron ore and 
metallurgical coal. With a geographically diversified portfolio of iron 
ore and coal assets, we are strategically positioned to serve our 
network of steel plants and the external global market. While our steel 
operations are important customers, our supply to the external market is 
increasing as we grow. 
 
   In 2018, ArcelorMittal had revenues of $76.0 billion and crude steel 
production of 92.5 million metric tonnes, while own iron ore production 
reached 58.5 million metric tonnes. 
 
   ArcelorMittal is listed on the stock exchanges of New York (MT), 
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock 
exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). 
 
   For more information about ArcelorMittal please visit: 
http://corporate.arcelormittal.com/ 
 
 
 
 
 
 
 
Contact information ArcelorMittal 
 Investor Relations 
 
Europe                                                   [phone] 
Americas                                                  [phone] 
Retail                                                   [phone] 
SRI                                                      [phone] 
Bonds/Credit                                              [phone] 
 
 
Contact information ArcelorMittal 
 Corporate Communications 
 
                                           mailto:[e-mail] 
  E-mail:                                         [e-mail] 
                                         -------------------------------- 
Phone:                                                    [phone] 
 
ArcelorMittal Europe Communications 
 Sophie Evans                              [phone] 
 
 
ArcelorMittal Corporate Communications 
 Paul Weigh                                [phone] 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 29, 2019 03:00 ET (07:00 GMT)

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