ArcelorMittal to Cut Production Up to 15%

Oct. 17, 2008
Fall in demand

The world's largest steelmaker, ArcelorMittal, said on Oct. 17 it was cutting production and could ultimately reduce output by as much as 15% because of weakening demand.

"In the face of a fall in demand we are in the process of reducing production, which could reach as much as 15%," an ArcelorMittal spokesman said, adding the move would be "temporary."

"This reduction will not be uniform across all our markets" but will have a greater impact "on areas where demand has fallen the most," the spokesman said.

The output cut is likely to boost the price of steel at a time when global demand had been dampened by a worldwide economic slowdown.

ArcelorMittal announced on Oc t. 14 that it was reducing production in Poland by 10%-15% from 2007 levels.

The group said in in September that it foresaw growth of 3%-5% in the world steel market in the coming years, powered by China and other emerging market countries.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

Process Mining For Dummies

Nov. 19, 2023
Here it is. Everything you need to know about process mining in a single book, written in the easy-to-understand, hard-to-forget style that ‘For Dummies’ manages so effortlessly...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Lean Manufacturing in the Age of the Industrial Internet

Oct. 24, 2023
Read how advanced MES capabilities can help you improve your labor utilization, reduce WIP, and optimize your production. Download the white paper today.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!