Steel's Surprising Comeback Is Far From Over, Arcelor Says

CFO of top steelmaker says steel demand to rise 3% this year
Industry is also benefiting from decline in Chinese exports

A red hot steel beam is shaped by a rolling machine inside the ArcelorMittal HighVeld Steel & Vanadium Corp. plant in eMalahleni, South Africa, on Tuesday, June 6, 2017. Steelmakers have seen profit buoyed with metal prices at the highest in more than two years in key markets such as the U.S. and Europe.Photographer: Waldo Swiegers/Bloomberg

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By Thomas Biesheuvel

December 1, 2017 at 12:00 AM UTC

Updated on

December 1, 2017 at 8:39 AM UTC

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After years of bleak news from U.S. and European steelmakers, the industry is finally thriving again. ArcelorMittal, the largest producer, says it’s more than just a blip.

“When things structurally improve they last longer than months,” Chief Financial Officer Aditya Mittal said in an interview in Paris. “It should be a multiyear phenomena.”