Steel giants rolling out more cuts in production in Europe

TWO of Europe’s biggest steel-makers [Corus and Arcelor] have announced further production cuts in the face of challenging trading conditions which include declining demand and higher imports.

But the recent softening of the strong euro was likely to curb imports, according to industry analysts.

A spokesman for Arcelor said the company would continue the pattern of the first half by cutting steel production in the third quarter.

But he added that the fourth quarter should show a recovery in demand.

Meanwhile, Corus pledged to cut production by 160,000 tonnes per month for the third quarter, compared to the 70,000-tonne reduction for the second.

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