ArcelorMittal, said on Thursday it was considering halting up to three European blast furnaces (BFs) in the third quarter to meet lower demand. "In Europe the third quarter is characterised by lower demand due to summer vacation shutdowns.
In order to be prepared ArcelorMittal is technically in a position to reduce its production by stopping up to three BFs in Q3," the company said in an emailed statement.
"No decision if and where and when has been taken," it added.
Cutting capacity to protect prices at a time of low demand is a tactic used regularly by steelmakers.