ArcelorMittal expects less demand for steel in Europe
15 May 2019 16:43 reported by Raul Lee
The world's largest steel producer ArcelorMittal downgraded its forecast for steel demand in Europe due to the reduction in the steel price and the reduction in European steel consumption.
Lakshmi Mittal, CEO of ArcelorMittal, which produced approximately 6% of the steel worldwide, commented that the reduction in steel prices was due to lower economic activity and global overcapacity, and the increase in costs of raw materials affected profitability.
On the other hand, the steel giant's forecast for global steel consumption in 2019 was between 1.0%-1.5%; in the United States and Soviet countries it remained stable, a moderate expansion in Brazil and an expected contraction in Europe.
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