Steel giant ArcelorMittal will temporarily reduce its production in line with the decreased demand due to the corona crisis. The rapid spread of the virus and the stringent measures taken by governments are hitting the economy and the industrial supply chain, according to the world’s largest steel producer.
ArcelorMittal will assess the situation in different markets separately as the magnitude of the virus outbreak varies by country. The group currently sees Europe as the hardest hit region. In addition, the situation in North and South America, Africa, India, Russia and Eastern Europe appears to be deteriorating. ArcelorMittal keeps factories running in several countries, partly to meet the demand for packaging material.
To compensate for the lost turnover, ArcelorMittal will appeal to government support packages. In addition, the group reviews its costs and postpones expenditure where possible. The steel manufacturer expects to provide an update on this when it presents its first quarter figures on 7 May. For safety reasons, the shareholders’ meeting is postponed until May 5.
ArcelorMittal also uses its 3D printing technology to make respiratory equipment. An experimental model of this will soon be submitted to hospitals for approval.