ArcelorMittal CEO says steel capacity cuts needed in Europe

By Silvia Antonioli
NEW YORK, June 19 (Reuters) - ArcelorMittal Chief
Executive Lakshmi Mittal said European steelmakers need to cut
capacity due to shrinking demand.
"Demand (in Europe) was 200 million tonnes. Now it's 150
million. Clearly there is a need of some capacity adjustments,"
he told Reuters on the sidelines of AMM's Steel Success
Strategies conference in New York.
He said he also sees over capacity in the global market.
In his presentation, the head of the world's largest steel
producer said he is not in acquisition mode and cautioned it may
be hard to find a buyer for RG Steel LLC's assets.
RG Steel filed for Chapter 11 bankruptcy protection at the
end of May.