Gloom Spreads in Steel as Car Woes and Trade Tensions Bite
- ArcelorMittal says European steel demand seen falling
- China market a rare bright spot as stimulus boosts demand
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The world’s biggest steelmakers are bracing for tough year as trade disputes and weakening automotive demand cast a chill over the sector.
ArcelorMittal, which posted its lowest quarterly profit since 2016, warned Thursday that the European steel market will be far weaker than expected this year as demand contracts and producers struggle against cheap imports. The world’s biggest steelmaker also lowered its forecast for demand outside of China.