ArcelorMittal shuts down blast furnace in Germany

Luxembourg-based global steel giant ArcelorMittal plans to temporarily shut down the blast furnace at its plant in Eisenhüttenstadt, Germany, due to the slow demand registered recently. The company wants to achieve optimization of output flows, regulating them in accordance with actual market demand.    
 
During the first quarter this year, European steelmakers were producing at high capacity utilization rates in line with strong apparent demand. However, once the restocking activities slowed down, the high volumes of offers pushed steel price downward, forcing mills to cut production. According to the World Steel Association, in July this year crude steel output in the European Union amounted to 14.6 million metric tons, significantly down compared to the 15.7 million metric tons recorded in June.