Italian steel mills started to reduce their production

While some Italian steelmakers have started to cut production, Ori Martin & Duferdofin is planning to stop production due to excess inventory and declining export sales. Federacciai said that they could not give a precise timeframe for the cessation of production for the time being. A spokesperson for Alfa Acciai said the company will continue to reduce production until the steel market recovers.

Italy's export market is at a standstill and this has led to an oversupply situation in the domestic market. Distributors are keeping their stocks at the lowest levels. Steel producers will continue to cut production until the market recovers after bottoming out.