Cutbacks will be split between North American, European and other operations.

“As a leading industry player we are intent on building a sustainable global steel industry that can offer value to all stakeholders throughout the business cycle. It is essential that we act in a responsible and mature manner, and respond accordingly to current market dynamics. The production cutbacks that we have announced today will help to reduce the inventory build up that we currently have and help to restore equilibrium to the global supply and demand equation,” said CEO Lakshmi Mittal.