ArcelorMittal Cuts Production, Postpones AGM Amid Covid-19 - Quick Facts
(RTTNews) - Steel and mining giant ArcelorMittal (MT) Tuesday said it is reducing production and temporary idling steelmaking and finishing assets due to the coronavirus or Covid-19 crisis. The company has also decided to postpone the AGM planned for May 5. A new date will be communicated in due course.
In its update on the impact of COVID-19, the company said it is either seeing or expect to see a significant decline in industrial activity in many of its operating geographic markets, which is impacting its business.
The company said it is reducing production and temporary idling steelmaking and finishing assets, adapted on a country by country basis in alignment with regional demand as well as government requirements.
This will not necessarily happen uniformly at assets across the globe given the escalation of the virus is at different points in different regions, the company said.
In order to mitigate the impact of the lower level of production, the company is taking significant measures to preserve cash and reduce costs in-line with reduced production levels.
This includes accessing measures introduced by governments to support companies throughout these unprecedented times.
The company said it intends to provide updated guidance on 2020 cash requirements, including capital expenditure, along with first-quarter results on May 7.
The company said it contributed the 3D printing expertise of R&D team to a global effort focused on developing a 3D printed ventilator prototype.