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World's largest steelmaker cuts production

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The world's largest steelmaker announced it's cutting production.

ArcelorMittal officials said the company would "align its production to the current market demand."

Plants in Dunkirk, France, and Eisenhuettenstadt, Germany, will have work reduced. Company officials did not provide numbers on how much output would be slowed.

“This is ... 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," said Geert van Poelvoorde, CEO of the company’s flat products division in Europe. "This will be a temporary measure that will be reversed when market conditions improve."

Read more from Bloomberg.


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