Posted in | News | Ferrous Alloys and Metals | Iron and Steel | Building and Construction

Mittal Steel to Reduce Steel Production in Q3 2005

Jun 30 2005

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Mittal Steel Company N.V. today announces its plans to reduce its global production by one million tons in the third quarter of2005. This follows similar reductions in the second quarter. The production cutbacks will beequally split between the Company’s North American operations and those in Europe and theRest of the World.

Commenting, Mittal Steel Chairman and CEO, Mr. Lakshmi Mittal, said:

“As a leading industry player we are intent on building a sustainable global steel industry that can offer value to all stakeholders throughout the business cycle. It is essential that we act in a responsible and mature manner, and respond accordingly to current market dynamics. The production cutbacks that we have announced today will help to reduce the inventory build up that we currently have and help to restore equilibrium to the global supply and demand equation.”

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