World's Top Steelmaker Says China Slowdown Weighs on Demand
- ArcelorMittal sees China steel consumption falling this year
- U.S. and Europe steel growth is seen slowing in 2019
Steel coils sit at the ArcelorMittal Dofasco Inc. galvanizing mill in Hamilton, Ontario, Canada.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
After two years of bumper profits, the steel industry is entering a slowdown.
ArcelorMittal, as well as smaller European producers like Salzgitter AG and Voestalpine AG, are sounding the alarm about weakening conditions, particularly in China. The country, which uses about half of the world’s steel, is now expected to see a drop in demand, the first contraction since 2015. Demand in the U.S. and Europe will grow at a slower pace this year, ArcelorMittal said.