ArcelorMittal: Asset Optimization To Save $1 Billion Annualized By 2012-End

ArcelorMittal: Asset Optimization To Save $1 Billion Annualized By 2012-End.
Staff Reporters
Dow Jones MetalSource Steel

NEW DELHI -(Dow Jones)- ArcelorMittal (MT), the world's largest steel producer, plans to save $1 billion on an annualized basis by the end of 2012 through asset optimization around the world, a spokeswoman said.
"There will be some temporary idling of some blast furnaces, while some of our core [steel-production] assets will be operated at 100% of capacity as part of an asset optimization program to save costs," Mandakini Sud told Dow Jones Newswires.
A worsening financial crisis in Europe, debt concerns in the U.S. and high cost of raw materials for steelmaking are making steelmakers tighten their belts.
A few days back, ArcelorMittal Chairman Lakshmi N. Mittal had said global steelmakers were cautiously optimistic on demand for the alloy.