ArcelorMittal cuts European steel production

Steel giant will keep prices steady in 3Q

By Dave Hannon -- Purchasing, 6/22/2007 6:52:00 AM

The good news is steel giant ArcelorMittal said it will maintain its current steel pricing structures in Europe for the third-quarter. The bad news: the company will cut its European production 3-4% in the quarter, making steel products harder to come by for the next three months.

In a company statement, ArcelorMittal said the move “will contribute to reduce the level of inventory of the market which is slightly inflated due to a recent surge of imports.

Christophe Cornier, CEO of ArcelorMittal's Flat Carbon Europe division said the company sees continued demand for carbon steel products, noting “we do not intend to increase our prices in Q3 in order to maintain a sustainable market environment for our customers and a healthy inventory level.”