Business, Top Stiri

ArcelorMittal cuts Europe production amid market weakness

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The world’s largest steelmaker said it will reduce primary steelmaking production at its facilities in Dunkirk, France, and Eisenhuttenstadt, Germany, to align its production to the current market demand.

„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 Geert van Poelvoorde, CEO, ArcelorMittal Europe – Flat Products.

„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,” he said.

Source: moneycontrol.com

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