ArcelorMittal Sees Steel Demand Growth Accelerating This Year
ArcelorMittal SA expects steel demand growth to accelerate this year, led by consumption in India and as companies end a phase of de-stocking.
(Bloomberg) -- ArcelorMittal SA expects steel demand growth to accelerate this year, led by consumption in India and as companies end a phase of de-stocking.
Apparent consumption of steel outside of China — a key barometer of the world economy — is projected to grow by 3% to 4% in 2024, ArcelorMittal said in a statement Thursday.
“Looking ahead, there are early signs of a more constructive industry backdrop,” ArcelorMittal Chief Executive Officer Aditya Mittal said in the statement.
The world’s top steelmaker outside of China saw its margins and sales squeezed last year as the manufacturing and construction sectors languished. Furnaces across Europe, where ArcelorMittal has the bulk of its production, have been idled.
- The company reported fourth-quarter earnings before interest, taxes, depreciation and amortization of $1.27 billion, compared with an analyst consensus of $1.23 billion.
- ArcelorMittal said it took a $1.4 billion impairment at its majority-controlled Acciaierie d’Italia business, after the Italian government said last month that it plans to start a procedure to place the steelworks under state administration.
- The firm said there was a $2.4 billion negative impact from disposal of its Kazakhstan operations, after an accident that killed 46 people.
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
