The world's largest steelmaker, ArcelorMittal, will slightly cut output in the third quarter and keep prices steady to help contain an "inflated" European market bloated with Chinese imports, the company said Friday. Europe's steel prices are the world's highest. This has attracted increasing Chinese trade, raising concern among European steelmakers and EU officials about the possibility of Chinese steel being dumped on European markets. EU officials have warned of sanctions unless Beijing acts to cool what they describe as too much output from China's overcapacity. Despite robust European demand and a possible squeeze on costs in the second half of the year, ArcelorMittal said it would stick with current prices in the third quarter for flat carbon used for the body of cars, trains and ships, claiming it needed to maintain a sustainable market environment for customers and a healthy inventory level.
Source: ArcelorMittal to Cut Steel Output - News Wires - CNBC.com
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