Mittal Steel, the largest steel company in the world, announced it is lowering its global steel production by one million tons. The reduction will place during the third quarter of the year. The decision to reduce production follows the company’s earlier reduction this second quarter.
The production cutbacks will be split between the Mittal’s North American, European and Asian mills.
"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,” said Lakshmi Mittal, chairman of the company.