Coronavirus Impact: ArcelorMittal Plans To Cut Production In Europe
ArcelorMittal Steel Plant in France (Photographer: Balint Porneczi/Bloomberg)

Coronavirus Impact: ArcelorMittal Plans To Cut Production In Europe

Bookmark

Global steel major ArcelorMittal on Thursday announced plans of reducing productions in Europe to ensure the well-being of employees amid the spread of deadly coronavirus in the continent.

The outbreak has impacted several European countries in which ArcelorMittal operates, the company said in a statement. "Given the extent of the outbreak, the health and safety implications, and particularly the impact it is having on several European countries in which ArcelorMittal operates, the company is taking steps to reduce production from its European operations to ensure the wellbeing of our employees is maintained and that production is aligned with demand," it said.

Also read: SNB’s Virus Fallout Sees Franc Pushed to a Five-Year High

The statement issued by ArcelorMittal did not have any mention of the steel plant in Hazira, India but said at all global operations, the company is following government and World Health Organisation’s advice and guidelines in order to protect employees and prevent the spread of the infection. The Hazira plant in Gujarat is owned by joint venture firm ArcelorMittal Nippon Steel India, in which ArcelorMittal has a 60 percent stake and the rest 40 percent is owned by its Japan-based partner Nippon Steel Corporation (Nippon Steel).

ArcelorMittal further said it takes the risks associated with the coronavirus outbreak very seriously and the safety and wellbeing of its employees is of paramount importance. "We will continue to monitor the evolution of the coronavirus in each of our operating markets and take decisions accordingly to ensure the wellbeing of our employees and our ability to meet customer demand," it said.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.