European stock markets closed lower in Tuesday trading as the Stoxx Europe was down 0.57%, Germany's DAX dropped 0.56%, the FTSE in London fell 0.40%, France's CAC lost 0.87%, and the Swiss Market Index closed 0.39% lower.

The European Union has agreed to new carbon market rules and new climate finance goal, the EU announced on Saturday. The deal is intended to provide for more countries to contribute finance based on their growing emissions and economic weight.

And in corporate news, Luxembourg-based steel producer ArcelorMittal (MT) said Tuesday that it is slowing its carbon reduction plans due to geopolitical and market shifts that are slowing the green transition.

"The scale of the challenge requires further policy initiatives to unlock increased investment," Chief Executive Aditya Mittal said in a statement. "We would have liked to move faster, but the reality is the regulatory environment required to support the business case for investments is not yet in place."

Shares of ArcelorMittal dropped close to 4% on the CAC in Paris.

Stellantis (STLA) said Tuesday that it is in discussions with employees and trade union partners to consolidate UK production of light commercial vehicles and invest 50 million British pounds ($62.8 million) to develop its Ellesmere Port site in Cheshire, England into an all-electric vehicle hub. Shares of the European automaker closed nearly 5% lower in Paris.

Anglo American said Tuesday that its South Africa unit has launched an accelerated placing of approximately 16 million shares of Anglo American Platinum. The British mining company said it is working toward spinning off Anglo American Platinum, which it said it expects to be completed by mid-2025.

Novo Holdings, parent company of Danish pharmaceutical giant Novo Nordisk (NVO), is expected to win European Union antitrust approval for its pending $16.5 billion acquisition of US contract drug maker Catalent (CTLT), Reuters reported Friday. The European Commission declined to comment. Novo Nordisk and Catalent did not immediately respond to requests for comment.