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ArcelorMittal warns unions of no improvement in 2013
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Wednesday, 21 Nov 2012
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ArcelorMittal has told labor unions there is little hope for improvement in results in 2013, citing the likelihood European demand for steel will fall further.
The comments were made during a works council meeting in Paris which offered little hope for unions looking for a pickup in production in 2013.

Mr Aditya Mittal CFO of ArcelorMittal said when it reported quarterly earnings last month that the company expected the third and fourth quarters of this year to mark the low point in the cycle.

A spokesman declined to comment on the reports from the works council meeting, but said the steelmaker's outlook had not changed.

After permanently shutting down its two blast furnaces in Florange in the Moselle region close to Belgium and Germany earlier this year, the steelmaker said that it would keep one of its two furnaces based in Dunkirk shuttered into next year as well.

Source - Reuters

(www.steelguru.com)

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