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ArcelorMittal sees steel slowdown continuing

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ArcelorMittal sees steel slowdown continuing

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ArcelorMittal says demand for steel will remain muted through to the end of the year.

Announcing third quarter core profit that was in line with market expectations, the world’s largest steelmaker said that during the quarter it had shipped lower volumes and faced weaker prices and higher costs.

That was down to slowing growth in China, weak construction in the US and thin demand in southern Europe.

Chief Financial Officer Aditya Mittal said: “Our outlook for the fourth quarter remains cautious because higher costs due to raw materials are still working their way through… There are some regional differences, but overall the demand picture remains muted on a global basis.”

He added ArcelorMittal expected global demand to rise by six percent next year, in line with the forecast of the World Steel Association, an easing from the 13 percent expansion this year.