Tag Archive for arcelormittal

ArcelorMittal today sees a global steel glut

Here is more market evidence that marginal mine and railway & new port projects based on selling to China and other steel markets are still stalled.

Could be for as much as 1,000 or so days in some places (that is the day after day code term for about three years. Sounds a lot longer when you think about waking up so many times still hoping for a markets return.

The URL is http://www.mining.com/arcelormittal-cuts-profit-expectations-for-2015-amid-steel-glut/

Key alerts by ArcelorMittal include the following: in the European market, “ArcelorMittal sees steel demand growing much as 2.5%, but it is not as optimistic when it comes to the rest of the world.” ArcelorMittal lowered its expectations for growth in global steel use to 0.5% to 1%this year from its previous business forecast of perhaps 1.5% to 2%. It expects U.S. demand to contract as much as 3% this year. And the company projects that Chinese sales might expand as little as 0.5%. A HALF PERCENT! The U.S. slower growth expectation likely reflects in part “dumping” by certain foreign companies. Perhaps? Sent from my iPad Jim