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ArcelorMittal, the world's second-largest steelmaker, said that it expected global steel demand outside China to expand 3-4% this year as it posted first-quarter earnings that exceeded analyst estimates.
Economic sentiment looks to have reached a plateau, and given the low inventories, particularly in Europe, apparent demand is projected to increase as soon as real demand begins to progressively improve, according to a statement.
The steel industry has been hampered by slowing construction activity in Europe and challenges in China, the world's largest buyer and producer of steel. Interest rate hikes in the United States have reduced demand.
The World Steel Association said last month that steel demand in Europe, which has been challenged by high inflation and tighter monetary policy, is expected to show very modest growth this year before a 5.3% projected gain in 2025.
The Luxembourg-brd company said its first-quarter core profit (EBITDA) was $1.96 billion, higher than the average forecast in a company poll of $1.81 billion but lower than a year before.
The company said that profit growth in the quarter was primarily driven by improved results in North America, Brazil, Europe, and India and from its joint ventures, offset by lower mining segment results.
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