ArcelorMittal, the world’s largest steelmaker outside China, expects steel demand to increase this year, supported by India’s demand growth.
ArcelorMittal said it expects steel consumption outside China – which is one of the main indicators of the global economy – to grow by between 3% and 4% in 2024, according to Bloomberg.
She explained that Indian demand will be the main driver of global steel demand, as the Luxembourg-based company expects it to rise by up to 8.5% during the current year.
Over the past two years, the steel industry has suffered from weak construction activity in Europe, while rising interest rates have led to a decline in demand in the United States, in addition to the never-ending Chinese real estate sector crises.
In China, steel consumption is expected to be stable as government stimulus is likely to offset weakness in the real estate market.
The company reported full-year net earnings of $4.87 billion, including a $2.4 billion negative impact related to the disposal of its Kazakhstan operations and a $1.4 billion impairment of the company’s Italian operations.
