Arcelor mittal, the world’s biggest steelmaker, released its first-quarter results thursday. Sales fell 23% to $14.8 billion, leaving a net loss of $1.12 billion (7.95 billion yuan). In terms of capacity, ArcelorMittal is still the world’s first, but output has been surpassed by China’s Baowu
In a statement, S & P’s global rating agency said demand for steel had dropped unprecedentedly in April as a result of the new pandemic, the suspension of steel production in Europe and the United States, and demand remained uncertain for the rest of the year
With steel demand declining in the current quarter, the agency has lowered its forecast for the rest of the year. According to different market indicators, the crisis inflection point appeared in April, and the gradual recovery is about to begin. Macro data show that gdp in Europe and North America are expected to rebound to 5.6% and 6.2%, respectively, in 2021. Nonetheless, the form of recovery remains uncertain. Overall, we expect steel production in Europe and the United States to fall by 2% to 3% by 2021 from 2019, the agency said
Post time: May-14-2020