ON FRIDAY LOCAL TIME, ARCELORMITTAL, THE WORLD'S SECOND-LARGEST EUROPEAN STEEL GROUP, ANNOUNCED THAT IT WILL PARTIALLY SHUT DOWN PRODUCTION CAPACITY AT TWO GERMAN FACTORIES IN THE COMING MONTHS. THE VOLATILE ENERGY PRICES AND UNCERTAIN ECONOMIC OUTLOOK ARE THE BACKGROUND FOR THE COMPANY TO MAKE THIS DECISION.FOR A LONG TIME, ARCELORMITTAL WAS A GLOBAL ***** STEEL MANUFACTURER, UNTIL IT WAS SURPASSED BY BAOWU STEEL GROUP IN 2020.ARCELORMITTAL STATED THAT THE COMPANY WILL INDEFINITELY IDLE A BLAST FURNACE AT ITS BREMEN FACTORY STARTING FROM THE END OF SEPTEMBER, AND THE HAMBURG FACTORY WILL ALSO FACE PRODUCTION CUTS BY THE FOURTH QUARTER. JUST YESTERDAY, ARCELORMITTAL ALSO ANNOUNCED THAT IT WILL CLOSE A BLAST FURNACE AT ITS ASTURIAS FACTORY IN SPAIN BY THE END OF SEPTEMBER.REINER BLASCHEK, CEO OF ARCELORMITTAL GERMANY, STATED THAT HIGH NATURAL GAS AND ELECTRICITY COSTS HAVE PLACED A HEAVY BURDEN ON THE COMPANY'S COMPETITIVENESS, AND THE PLANNED INCREASE IN GAS TAXES BY THE GERMAN FEDERAL GOVERNMENT IN OCTOBER WILL FURTHER PRESSURE THE COMPANY.THE COMPANY ALSO STATED THAT IN ADDITION TO ENERGY PRICES, WEAK MARKET DEMAND AND POOR ECONOMIC PROSPECTS HAVE INTENSIFIED THE PRESSURE ON THE COMPANY'S OPERATIONS.WITH THE RUSSIA-UKRAINE CONFLICT SERIOUSLY PUSHING UP EUROPEAN ENERGY PRICES, THE REDUCTION OF ORDERS FROM MANUFACTURERS AND BUILDERS HAS ALSO HIT HEAVY INDUSTRY. THE DECLINE IN EUROPEAN STEEL PRODUCTION CAPACITY IS ALSO A SYMBOL OF THE DETERIORATING ECONOMIC OUTLOOK IN THE REGION. THIS ALSO MARKS A RAPID DECLINE IN THE EUROPEAN STEEL INDUSTRY FROM ITS PEAK, AS THE ECONOMIC RECOVERY AFTER THE LIFTING OF THE PANDEMIC LAST YEAR PUSHED STEEL PRICES TO HISTORIC HIGHS. ARCELORMITTAL'S NET PROFIT LAST YEAR ALSO REACHED A NEW HIGH AFTER THE SUBPRIME MORTGAGE CRISIS.FOR THE CURRENT PREDICAMENT, THE COMPANY IS ADVOCATING FOR A CHANGE IN THE DESIGN OF THE EUROPEAN ELECTRICITY MARKET TIED TO NATURAL GAS, AND CALLING FOR THE ACCELERATION OF THE ESTABLISHMENT OF "CARBON TARIFFS" AND OPPOSITION TO GERMANY'S IMPOSITION OF GAS TAXES.SPECIAL STATEMENT: THE CONTENT OF THE ABOVE WORKS (INCLUDING VIDEOS, IMAGES, OR AUDIO) IS UPLOADED AND PUBLISHED BY USERS OF THE SELF MEDIA PLATFORM "DA FENG HAO" UNDER PHOENIX NETWORK. THIS PLATFORM ONLY PROVIDES INFORMATION STORAGE SPACE SERVICES.NOTICE: THE CONTENT ABOVE (INCLUDING THE VIDEOS, PICTURES AND AUDIOS IF ANY) IS UPLOADED AND POSTED BY THE USER OF DAFENG HAO, WHICH IS A SOCIAL MEDIA PLATFORM AND MERELY PROVIDES INFORMATION STORAGE SPACE SERVICES.”