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ArcelorMittal Italia says to furlough 1,400 workers at ex-Ilva steel plant

London β€” ArcelorMittal Italia will lay off 1,400 workers at the former Ilva steel plant at Taranto for 13 weeks, the company, Italy's largest steelmaker, said Wednesday.

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"It's a difficult decision, but market conditions are critical all over Europe," ArecelorMittal Italia CEO Matthieu Jehl said in a statement. "I am keen to stress that they are temporary measures and that steel is a cyclical market."

As previously reported, ArcelorMittal said ArcelorMittal Italia will produce 5 million mt of crude steel in 2019, down from the 6 million mt previously planned for this year.

ArcelorMittal has already informed Italian national and local unions and it will meet them on Thursday to provide further details, the company said.

ArcelorMittal, the world's largest steel producer, announced at the beginning of May it will cut 3 million mt of steel production this year. It announced at the end of May a further cut of 1 million mt-1.5 million on an annualized basis.

--Annalisa Villa, annalisa.villa@spglobal.com

--Edited by Richard Rubin, newsdesk@spglobal.com