ArcelorMittal implementing asset optimization program mainly focused on Europe

ArcelorMittal implementing asset optimization program mainly focused on Europe.
MetalSource Steel News

LONDON (Dow Jones)--Steel titan ArcelorMittal (MT) is implementing an asset optimization program mainly focused on Europe, in order to generate more savings while maintaining market share, the company's chief executive said Friday.
Speaking at the company's investor day conference, Lakshmi Mittal said: "We will idle our high cost facilities and operate our low cost [capacity]...without losing market share." He said the asset optimization plan would result in the temporary idling of operations rather than permanent shut down. "The social conditions according to us is difficult to" shut down facilities due to the high unemployment rates, he said. But if ArcelorMittal decides to shut down plants "we will have to have a social dialogue [and plan to] discuss with stakeholders."
The company is targeting savings of $1 billion in earnings before interest, taxes, depreciation and amortization, or Ebitda, by the end of 2012.