ArcelorMittal CEO Sees Global Steelmakers Buoyed by China Output Limits
- Mittal says he’s ‘very bullish’ about the industry’s outlook
- Market was saddled by flood of Chinese exports in recent years
Aditya Mittal.
Photographer: Chris Ratcliffe/Bloomberg
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Global steelmakers will finally start to see some reprieve from the flood of Chinese exports that have been inundating the market and pressuring other suppliers.
That’s according to Aditya Mittal, chief executive officer of ArcelorMittal SA, the world’s second-largest steelmaker. He sees Chinese government mandates for output cuts as helping to reduce exports from the nation for the next five to 10 years. He also cited requirements for local government approvals before building new steel facilities in the country as well as trade actions from the Europe and the US against the Asian nation.