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Global steel rebound could be blown off by Chinese exports |
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administrator |
DATE |
2009-10-07 08:53:55 |
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Global steel rebound could be blown off by Chinese exports
07 Oct, 2009
ArcelorMittal expects steel demand to recover next year, but the industry is in for a bumpy ride in 2010.
Mr LN Mittal chairman & CEO of ArcelorMittal told the Financial Times in an interview that "I am optimistic about the emerging economies in terms of steel demand. But I am cautious when it comes to the industrialized world.”
The Financial Times said that Mr Mittal stuck by his previous forecast of a 10% rise in global steel demand next year,
But he said that "My overall feeling is that, next year in the steel industry, we will still be in for a bumpy ride.”
Mr Mittal has said he expects domestic demand in China to rise by more than 15% this year, with demand cooling in 2010. He told that “Output in China would probably carry on growing in 2010, but by only 5%.”
But Mr Mittal warned that prospects for a world steel industry rebound could be blown off course by a strong rise in exports from China. He told that "We have to monitor this because they could have a negative influence on what happens in the rest of the world.”
He added that “Demand and output in the United States, Western Europe and Japan could fall by as much as 35% year and then come back in 2010 by perhaps 15%.”
Resource from Thomson Reuters |
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