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ArcelorMittal to cut Italy steel production

Mar. 17, 2020 12:58 PM ETArcelorMittal S.A. (MT) StockMTBy: Carl Surran, SA News Editor
  • ArcelorMittal (MT -0.9%) will temporarily cut production and shut down several operations in Italy in response to the coronavirus outbreak, local union Fiom says.
  • The company confirms production will be reduced at Taranto, with the workforce cut by more than half to ~3,800.
  • Separately, Nippon Steel says its joint venture with ArcelorMittal has signed a $5.15B loan agreement with Japanese banks.
  • The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd.

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