ArcelorMittal forecasts decline in steel production in Europe in the fourth quarter

ArcelorMittal, the world's largest steel producer in Europe, forecasts European steel production to fall by around 1.5 million tonnes in the fourth quarter of this year as the company cut steel production at its operations in Germany, Poland and Spain.

Due to interruptions in gas supplies to Russia, the European steel industry is suffering from a sharp increase in energy prices. Moreover, the demand for steel is also weakening, especially in the automotive industry, which is a large consumer of steel.