PARIS Nov 20 ArcelorMittal, the
world's largest steelmaker, has told labour unions there is
little hope for improvement in results next year, citing the
likelihood European demand for steel will fall further,
according to French media reports.
The comments were made during a works council meeting in
Paris which offered little hope for unions looking for a pickup
in production next year, the reports said.
ArcelorMittal finance chief Aditya Mittal said when it
reported quarterly earnings last month that the company expected
the third and fourth quarters of this year to "mark the low
point in the cycle."
On Tuesday, a spokesman declined to comment on the reports
from the works council meeting, but said the steelmaker's
outlook had not changed.
After permanently shutting down its two blast furnaces in
Florange in the Moselle region close to Belgium and Germany
earlier this year, the steelmaker said on Monday it would keep
one of its two furnaces based in Dunkirk shuttered into next
year as well, financial daily Les Echos reported.
(Reporting by Christian Plumb; Editing by Mark Potter)