NEW YORK (TheStreet) -- ArcelorMittal
(MT) shares are taking a hit in trading, down -0.93 to $16.00 on Monday.
ArcelorMittal is the world's largest steel producer at 93.6 million tonnes of crude steel produced per year. The stock is down on average volume, with 2.39 million shares being traded so far. The 30 day average of the stock is 4.8 million shares.
The drop follows Friday's report by AMM.com (American Metal Market) that the company would be shuttering the No. 7 blast furnace at its Indiana Harbor facility for maintenance.
The planned closure is expected to start June 1 and last for 50-60 days according to the report.
In separate news, the company is also facing legal action from German rail operator Deutsche Bahn. The lawsuit alleges that the company participated in price fixing involving the price of railroad ties.
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