ArcelorMittal, the world’s largest steelmaker in Europe, foresaw the steel production in Europe to drop by approximately 1.5 million tons in the fourth quarter of this year as the company has curb steel output in its Germany, Poland, and Spain facilities.

Due to the disruption of Russia’s gas supply, the European steel industry is suffering the soaring energy prices. Moreover, the demand for steel is also weakening, especially in the automobile industry, the big steel consumer.