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11 Nov
14:29

Automotive order cancellations hit ArcelorMittal Europe shipments

ArcelorMittal Europe saw steel shipments fall 8% on-year and 9% on-quarter in the third quarter to 7.55 million tonnes as a result of weaker demand amid late cancellations of orders by the automotive sector. Moreover, logistic constraints linked to severe floods in July also curbed shipments. Crude steel production was up 15% on the previous year at 9.09mt, but this was down 3% on-quarter. Sales rose 60% on-year and 5% on-quarter to $11.2 billion and operating inc…
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