Arcelor Mittal, the world's largest steel company, said Tuesday it plans to temporarily reduce output from its European flat carbon steel mills in response to current market conditions of stable demand and increased inventory levels.
The company will delay the restart of one of its blast furnaces in Dunkirk, France, by two weeks in the fourth quarter; and will idle one of its blast furnaces in Aviles, Spain, for scheduled maintenance work in the first quarter of 2007, ahead of the initial schedule.
According to Christophe Cornier, Arcelor Mittal's executive vice president, Flat Carbon Steel, during the first half of 2006, strong supply replenished inventories in the market. Arcelor Mitt's temporary slowdown will help to balance inventories in the steel supply chain.