- 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.