World’s top steelmaker to cut output further in Europe
May 29, 2019 by The Associated Press
May 29, 2019 – The world’s largest steel maker, ArcelorMittal, has announced further cuts to production at several plants in Europe due to weak demand and high imports to the bloc.
The Luxembourg-based company said it would reduce steelmaking operations at plants in France and Germany and extend a planned stoppage in Spain. The cuts follow a May 6 announcement to idle and reduce production at plants in Poland and Spain respectively.
ArcelorMittal did not mention job cuts and said the production cuts were temporary.
The cuts are the latest grim news for the European steel producers. Last week, British Steel was ordered into liquidation. On May 10, German steelmaker Thyssenkrupp said it would cut 6,000 jobs on the expectation that its joint venture with India’s Tata Steel would be blocked by regulators.