Due to the weak demand, ArcelorMittal Europe's steel shipments in the third quarter of this year decreased by 11.1% quarter on quarter and by 6.2% year on year, reaching 7.1 million tons.

Meanwhile, steel production was reduced by 3.2% quarter on quarter and by 12% year on year to 8 million tons, on the back of a sharp drop in apparent demand and production cuts caused by rising energy prices.

On account of weaker macroeconomic conditions and orders, high energy and carbon costs, and increased imports, ArcelorMittal Europe announced further production cuts in France, Spain, Germany, and Poland from the fourth quarter, aiming to make supply meet addressable demand.