Luxembourg-based steel giant ArcelorMittal has decided to idle another two blast furnaces out of the 25 it operates in Europe: one in Dunkirk, France, and the other in Gijon, Spain, according to media reports. The two furnaces will be relined over a 100-day period spanning the third quarter.

The planned temporary shutdown of the two furnaces is expected to remove about 700,000 tonnes of crude steel production capacity from the market in the third quarter. Alongside its other idled European furnaces, ArcelorMittal's crude steel production capacity is expected to be 1.6 million tonnes lower in the third quarter this year compared with the same quarter last year.