ArcelorMittal, the world's largest steelmaker, announced onWednesday that it will cut its steel production at its European plants to copewith weak demand and increased imports. After the news was announced,ArcelorMittal's share price fell the biggest drop in two years.

ArcelorMittal said in a statement that the company willreduce primary production in Dunkirk, France and Eisenhettenstadt, Germany, inaddition to cutting production in Bremen, Germany, and extending Spain Asturiasoriginally continued to stop production in the fourth quarter of this year.However, ArcelorMittal did not provide specific production reduction targets,but simply stated that it would “conform production with current marketdemand”. In the European stock market on Wednesday, ArcelorMittal fell 7.3%,the biggest one-day drop since May 2017.