The world’s largest steelmaker, ArcelorMittal, has confirmed more production cuts in Europe.
After a meeting between senior management and the company’s European works council, one union official said ArcelorMittal plans to shut four more of its furnaces – two in France and two in Belgium. That would take the number still operating in Europe down to 11 from a total of 25. ArcelorMittal insisted all the cuts are temporary and that production will be restarted as soon as possible when market conditions improve. Trying to reduce its inventories ArcelorMittal has slashed production worldwide by up to 45 percent. All steelmakers have been badly hit by a slump in demand from carmakers and the construction industry.