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ArcelorMittal Cutting Production in Europe, for 2nd Time

May 29, 2019 / IndustryWeek
SHARESHARESHARE

ArcelorMittal fell the most in two years after announcing that it’s further cutting steel production across its European plants to cope with weak demand and rising imports. The world’s largest steelmaker will reduce primary production in France, Germany and Spain, according to a statement on Wednesday. It’s the second time this month ArcelorMittal has announced output cuts. In total, it could affect up to 10% of the company’s steel production from the European Union.The shares lost as much as 7.3%, the biggest intraday drop since May 2017. The stock traded at 13.55 euros as of 2:47 p.m. in Amsterdam. Steelmakers Thyssenkrupp AG, Voestalpine AG and Kloeckner & Co. lost more than 2%. The reductions are needed to balance the market in Europe, said analysts at Jefferies International Ltd.