ArcelorMittal Cries Foul on Steel Exports From China
- Steelmaker says current market conditions are ‘unsustainable’
- Second-quarter profit slides, but beats analyst estimates
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ArcelorMittal SA said exports from China had left the steel market in an “unsustainable” position, as it reported a drop in quarterly profit.
Steelmakers in the US and Europe are being squeezed between a fresh wave of cheap imports and anemic demand that’s pushing prices lower. ArcelorMittal, the biggest producer among Western nations, cut its forecast for consumption outside China — a key barometer of the world economy.