ArcelorMittal achieves cost-cutting target

The world8217;s largest steel-maker,ArcelorMittal,has achieved its target of saving USD 3 billion in 2010 through various cost-cutting measures in the first half of the year itself.

8220;At the end of the first half of 2010,we had achieved annualised sustainable cost savings of USD 3 billion,meeting our 2010 full-year target of USD 3 billion,8221; the company said in its half-yearly report emailed from Luxembourg,where it is headquartered.

8220;We have demonstrated a significant flexibility in our capacity utilisation,implementing production cuts of up to 45 per cent in response to the economic crisis at the end of 2008,before gradually increasing capacity utilisation rates back to 78 per cent as of June,2010,8221; the report said.

The company now plans to bring down production to 70 per cent in the July-September period from the June level.