ArcelorMittal to Further Cut Steel Production in Europe
May 29 2019 - 3:36AM
Dow Jones News
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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