ArcelorMittal expects European steel production to decrease by approximately 1.5 million tons annually in the fourth quarter due to weak demand and rising energy prices.
Cuts in Russian gas supply are wreaking havoc on the European market, while steelmaking is among the sectors struggling with rising costs.
According to ArcelorMittal, European steelmakers are also facing a decline in demand, particularly in the automotive sector, due to the worsening economic climate and increased imports from outside Europe.
"Overall, customer sentiment is at a lower level today than the Covid crisis in 2020," said a spokesperson for ArcelorMittal Europe.
ArcelorMittal produced 8.6 million tons of steel in Europe in the fourth quarter of last year.
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