Luxembourg-headquartered steel manufacturer ArcelorMittal has announced plans to reduce production from its European operations in light of the coronavirus pandemic.

In a statement released on Thursday, ArcelorMittal confirmed that it was "tak[ing] the risks associated with the coronavirus outbreak very seriously" and that "the safety and well-being of [its] employees is of paramount importance".

The company assured that it is following government and World Health Organisation (WHO) guidelines and advice at all its global operations in order to protect employees and prevent the spread of the virus.

Considering the extent of the outbreak, its health and safety implications and particularly the impact it is having on several European countries in which ArcelorMittal operates, the company has decided to take steps to reduce production from its European operations to ensure that "the well-being of its employees is maintained and that production is aligned with demand".

The company added that it "will continue to monitor the evolution of the coronavirus in each of [its] operating markets and take decisions accordingly to ensure the well-being of [its] employees and [its] ability to meet customer demand".