Author: Tronserve admin
Thursday 5th August 2021 04:06 AM
World's Top Steelmaker to Cut Output Further in Europe
The world's hugest steel maker, ArcelorMittal, on Wednesday announced even further cuts to production at many plants in Europe because of the weak demand and high imports, highlighting troubles in the wider industry.
The Luxembourg-based company said it would probably decrease 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 shrink production at plants in Poland and Spain accordingly.
ArcelorMittal said the production cuts were temporary and didn't address in detail the question of job cuts.
"Our employees remain our utmost priority and we are doing everything we can to ensure that the right social measures are in place to support them and their families during this difficult time," the company remarked.
The cuts are the latest grim announcements for steel producers. Last week, British Steel was ordered into elimination. On May 10, German steelmaker Thyssenkrupp said it would cut 6,000 jobs on the anticipation that its joint venture with India's Tata Steel would be blocked by regulators.
This article is originally posted on MANUFACTURING.NET