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| TITLE |
ArcelorMittal may cut output by 15% in Europe and US |
| WRITER |
administrator |
DATE |
2008-09-19 10:19:30 |
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ArcelorMittal may cut output by 15% in Europe and US
by Sep. 19, 2008.
ArcelorMittal said that it can cut production by 15% in Europe and US to support prices as global growth slows.
Mr LN Mittal chairman & CEO of ArcelorMittal said that global demand is still strong and the credit crisis has not had a major impact on its customers. He added that "There will be softness in the market in the fourth quarter, but we think this is only temporary.''
ArcelorMittal is reassuring investors after its South African unit said last month prices for some types of steel will be reduced for the first time in a year. Hot rolled steel coil fell 5.1% in August 2008, the first monthly decline in more than a year.
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