ArcelorMittal anticipates that steel production will fall by the end of 2022
ArcelorMittal expects its steel production in Europe to fall by around 1.5 million tonnes in the fourth quarter compared to the previous period, as it will cut capacity due to weakening demand and rising energy prices. , reported the company. The world's largest steelmaker announced earlier this month that it would cut output in Germany, Poland and Spain, in particular, by halting one blast furnace in each country. The Spanish press published on Friday that the company has proposed to the unions a Temporary Employment Regulation File (ERTE) until the end of 2023 for factories in Spain that employ 8,300 workers. The steel industry is one of the largest energy-consuming sectors facing rising costs, as reduced Russian gas supply is affecting the European market. According to ArcelorMittal, European steelmakers are also facing weak demand, especially in the automotive sector, as the economic climate deteriorates, as well as increased imports from outside Europe. "Overall, customer