1258 GMT - ArcelorMittal says urgent support is needed to bolster the competitiveness and sustainability of European steelmaking, just as the U.S. is expected to put 25% tariffs on steel and aluminium imports. The Luxembourg-based steelmaker said it supports trade measures designed to protect the steel sector from unfair trade practices and address the glut in market. It says the steel industry is contending with significant excess global capacity with the market in Europe facing subdued demand and record-high imports. Foreign steel imports to Europe hold a 27% market share, ArcelorMittal says. Shares trade down 2.2% at 26.77 euros. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
February 10, 2025 08:00 ET (13:00 GMT)
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