On April 8, Luxembourg-based steel giant ArcelorMittal met with its European Works Council (EWC) to provide an update on the temporary suspension of production at the company's sites in Europe. Senior management of the company and the union council were present at the meeting that began in the morning in Luxembourg.
In their official joint statement after the meeting, ArcelorMittal and the EWC said, "In light of the ongoing exceptional economic environment, it is necessary to continue to suspend and optimize production to ensure the company is well adapted to the market reality. All production suspensions are temporary and will be reviewed on a regular basis. The company will maintain all equipment during the suspension period to ensure that production can be restarted as swiftly as possible when market conditions improve."
However, the company declined to say whether further production cuts would be required.
ArcelorMittal has cut production by up to 45 percent worldwide due to the demand slump.