Arcelor Mittal cuts steel output in Europe

Arcelor Mittal plans to reduce steel output in Europe temporarily, signalling a weak demand for the alloy amidst rising imports to the continent. The world’s largest steel producer said it would idle capacity by 3 million tonnes (on annualised basis), a decision that would affect the dynamics of the steel business in Europe, including the proposed merger of Tata’s steel business and Thyssenkrupp. The merger deal, which will create Europe’s second largest producer, is now with the European Commission which is seeking more concession from the two companies to allow the merger.