Arcelor Mittal to Temporarily Slow Its European Flat Steel Production As Inventories Are Replenished
Posted on: Tuesday, 31 October 2006, 03:00 CST
LUXEMBOURG, October 31 /PRNewswire-FirstCall/ -- Arcelor Mittal announces today that it plans to temporarily reduce output from its European Flat Carbon Steel mills in response to short term developments in the steel market. The company in particular, plans to delay the restart of one of its blast furnaces in Dunkirk (France) by two weeks in the fourth quarter. In addition, the company anticipates scheduled maintenance work on one of its blast furnaces in Aviles (Spain). The blast furnace will be idled as of the first quarter of 2007, ahead of the initial schedule. These moves take place in a market environment marked by stable demand and increasing inventory levels.
Christophe Cornier, Arcelor Mittal Executive Vice President Flat Carbon Steel Europe said: "During the first half of 2006, strong supply replenished inventories in the market. The delay in restarting the unit in Dunkirk and the idling of the Aviles blast furnace will help to balance inventories throughout the steel value chain and maintain sustainable relationships with our customers in a market in which underlying demand continues to be healthy."
About Arcelor Mittal
Arcelor Mittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company, which will be incorporated in 2007 following the successful tender offer, brings together the world's number one and number two steel companies, Arcelor and Mittal Steel.
Arcelor Mittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
Arcelor Mittal key pro forma financials for the first six months of 2006 show combined revenues of EUR43,281 billion, with approximate production capacity of 130 million tonnes a year, representing around 10 per cent of world steel output. The company respects the highest standards in corporate social responsibility and intends to periodically publish significant sustainable development key performance indicators to live up to this ambition.
Arcelor Mittal
CONTACT: Contact at Arcelor Mittal's Investor Relations: ContinentalEurope, +352-4792-2414; UK/Asia/Africa, +44-207-543-1172; Americas,+1-312-899-3569; Retail, +352-4792-2434; SRI, +352-4792-2902. Contact atArcelor Mittal's Communication, Nicola Davidson, +44-207-543-1162/1172, LucScheer, +352-4792-2360. UK media: Maitland Consultancy, Philip Gawith,+44-207-379-5151, Lydia Pretzlik, +44-207-379-5151. French media: Image 7,Tiphaine Hecketsweiler, +33-1-5370-7470
Source: PRNewswire-FirstCall
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