Source: Scrap Monster
ArcelorMittal announced further production cutbacks at EU steelmaking facilities, in a bid to adjust the production from the region to match the current weak market conditions. Rising import levels despite EU regulatory actions and falling market demand continues to impact the steelmaker.
According to press release issued by the company, it has decided to reduce production at its facilities in Dunkirk, France and Eisenhüttenstadt, Germany. The planned stoppage on account of blast furnace repair works at its steelmaking facility in Bremen, Germany will be extended. Also, the company intends to reduce the primary production from the facility during the fourth quarter of the current year. In addition, ArcelorMittal has also decided to extend the planned stoppage on account of blast furnace repairs at its Asturias, Spain facility during the fourth quarter of 2019.
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Commenting on the decision to cut back production, Geert van Poelvoorde, CEO, ArcelorMittal Europe – Flat Products, said that the weakness level in market has prompted the company to take the abocve decisions. These are temporary measures, which will be reversed upon improvement in market conditions, he noted. Further, he assured that the company will offer full support to its employees and their families during this difficult time.
Earlier during this month, the company had decided to temporarily idle steelmaking at its Kraków, Poland facilities and reduce production at Asturias, Spain facility.