In addition to the May 6 announcement of a 3 million tonne reduction in steel production at the company's European plants, ArcelorMittal, the world's largest steelmaker, today announced its decision to take additional steps to adjust its European production levels to “further align its production with current market demand ”. The company continues to be affected by weak market demand and high level of imports in Europe, noted the press service of ArcelorMittal.
As a result, ArcelorMittal will take the following steps:
- Will reduce primary steel production at its plants in Dunkirk, France and Eisenhüttenstadt, Germany;
- Will reduce primary steel production at its Bremen, Germany plant in the fourth quarter of this year, where the planned shutdown of the blast furnace for repairs will be increased;
- Will extend the shutdown scheduled for the fourth quarter of this year to repair a blast furnace at its plant in Asturias, Spain.
Commenting on the planned cuts, Gert van Polvoorde, CEO of ArcelorMittal Europe - Flat Products, said:
“This is another difficult decision for us, but given the level of market weakness, we believe this is a reasonable course of action. This will be a temporary measure and will be lifted when market conditions improve. At the same time, our people remain our top priority and we do our best to ensure that appropriate social measures are in place to support them and their families during this difficult time. ”
On May 6, ArcelorMittal announced its intention to temporarily suspend production at its steel mills in Krakow, Poland, and cut production in Asturias, Spain. The announcement also influenced the planned increase in shipments to ArcelorMittal Italia to an annual rate of six million tons; the planned increase will be slowed by the decision to optimize cost and quality versus volume in the current environment.
