ArcelorMittal plans to reduce steel output in Europe temporarily, signalling a weak demand for the alloy amidst rising imports to the continent. The world’s largest steel producer said it would idle capacity by 3 million tonnes (on annualised basis), a decision that would affect the dynamics of the steel business in Europe, including the proposed merger of Tata’s steel business and Thyssenkrupp. High energy costs and increasing carbon costs are adding to the tough environment,” Geert van Poelvoorde, CEO, ArcelorMittal Europe – flat products, said. ArcelorMittal produced 44.69 million tonnes of steel in Europe in 2018. The continent produced 168.1mt steel in 2018, a marginal drop from the year before.

Source: The Telegraph May 06, 2019 19:41 UTC