Arcelor Mittal to Temporarily Slow Its European Production Oct 31, 2006

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Arcelor Mittal announced today that it plans to temporarily reduce output from its European flat carbon steel mills in response to short term developments in the steel market. In particular, the company plans to delay the restart of one of its blast furnaces in Dunkirk, France, by two weeks in the fourth quarter. In addition, the company anticipates scheduled maintenance work on one of its blast furnaces in Avilès, Spain. The blast furnace will be idled as of the first quarter of 2007, ahead of the initial schedule. These moves take place in a market environment marked by stable demand and increasing inventory levels.

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