ArcelorMittal expects lower demand for rest of 2019
CEO Lakshmi Mittal says Arcelor's first-quarter results reflect ‘the challenging operating environment the industry has faced’ recently
Brussels — ArcelorMittal, the world’s largest steel maker, cut its demand forecast for its key markets on Thursday and said it was facing the twin challenges of lower steel prices and reduced consumption in Europe. The Luxembourg-based company, which makes about 6% of the world's steel, announced on Monday that it was temporarily reducing European steel output by three-million tonnes on an annualised basis due to weak demand and increased imports. "Our first-quarter results reflect the challenging operating environment the industry has faced in recent months." CEO Lakshmi Mittal said in a statement. The company reported a first-quarter core profit (EBITDA) of $1.65bn, a 34% decline from a year earlier and below the company-compiled consensus of $1.68bn. Profitability, Mittal said, had been hit by lower steel pricing due to weaker economic activity and global overcapacity, as well as from rising raw materials costs. ArcelorMittal increased its growth forecast for 2019 global apparent...
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