Kallanish Steel Weekly: ArcelorMittal cuts demand outlook on weaker than expected US, Europe performance

Kallanish Steel Weekly: ArcelorMittal cuts demand outlook on weaker than expected US, Europe performance (Aug. 1, 2023)

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ArcelorMittal, the second largest steelmaker globally and the main steelmaker outside of China, has cut its global ex-China apparent steel consumption (ASC) growth forecast for 2023 to 1-2% from the previous 2-3%, due to worse-than-expected performance in the US, Brazil and Europe.

In the US, as real demand growth is expected to remain lacklustre due to the lagging impact of interest rate rises, apparent steel consumption in 2023 is now expected to decline by 0-2% – versus previous guidance of 1.5-3.5% growth. US ASC forecasts have been moderated to reflect weakness in long products and pipes & tubes, whilst apparent demand for flat products is still forecast to grow, the steelmaker says.

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Kallanish Steel Weekly: ArcelorMittal cuts demand outlook on weaker than expected US, Europe performance (Aug. 1, 2023)

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