ArcelorMittal, the biggest steelmaker, sank to an 11-year low as tumbling shares in China presage economic weakness in the largest consumer and producer of the metal.
ArcelorMittal fell as much as 6.7 percent to 6.876 euros, the lowest since March 2004, and traded down 5.75 percent at 6.946 euros by 9:33 a.m. in Amsterdam.
Prices of raw materials and the companies that produce them are slumping around the world amid forecasts for the slowest Chinese economic growth since 1990. Steelmakers are also battling a flood of cheap exports from China, producer of about half the world’s steel, as its domestic demand shrinks.
Chinese consumption of the metal is set for a first annual contraction since 1995, according to the World Steel Association. Exports are forecast to exceed 100 million metric tons this year, more than total U.S. production.
ThyssenKrupp AG, Europe’s second-biggest producer, fell as much as 4.1 percent in Germany, while Austria’s Voestalpine AG declined by as much as 6.1 percent.