ArcelorMittal to cut European steel production further

The steel and mining company said it will reduce primary steelmaking production at its facilities in Dunkirk in France and Eisenhüttenstadt in Germany. It will also cut primary steelmaking production at its facility in Bremen, Germany in the fourth quarter of this year, where a planned blast furnace stoppage for repair works will be extended.

In addition, the company said will extend the stoppage planned in the fourth quarter to repair a blast furnace at its plant in Asturias, Spain.

Geert van Poelvoorde, chief executive officer of the flat products division in Europe, said: "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. 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."

ArcelorMittal had already announced earlier this month that it planned to temporarily idle production at its steelmaking facilities in Kraków, Poland and reduce production in Asturias, Spain.

At 1045 BST, the shares were down 4% at €13.56.