ArcelorMittal to Temporarily Cut EU Steel Production
May 06 2019 - 3:51AM
Dow Jones News
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 olivia.bugault@dowjones.com
(END) Dow Jones Newswires
May 06, 2019 03:36 ET (07:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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