By Kim Richters
ArcelorMittal said Tuesday that it is reducing production and starting measures to save cash and cut costs amid the coronavirus pandemic.
The Luxembourg-based steel maker said it is temporarily idling steelmaking and finishing assets, and adapting operations individually in each country in which it is active to meet regional demands and government requirements.
The steps ArcelorMittal is taking also include "accessing measures introduced by governments to support companies throughout these unprecedented times."
ArcelorMittal said it is "either seeing or expect to see a significant decline in industrial activity in many if not all of the geographic markets in which we operate, which is impacting our business."
The company will update its guidance on May 7 when releasing first quarter results and has postponed its annual general meeting scheduled for May 5 without announcing a new date so far.
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(END) Dow Jones Newswires
March 31, 2020 02:42 ET (06:42 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.