Steel capacity in Europe will exceed demand for the next 12 to 18 months, Arcelormittal (MT) said Monday.

Steel plants in the developed world are operating at 65% to 70% right now, Michael Pfitzner Arcelormittal executive vice president for commercial coordination and marketing told Steel Success Strategies, a Metal Bulletin conference in London.

He added that the company has idled three additional blast furnaces in Europe as a result of the imbalance forecast in Europe.

"We must focus attention on best cost operations. We cannot keep them all going," he said.

-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483; devon.maylie@dowjones.com
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