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ArcelorMittal Stock Up On Demand Growth View, Despite Weak Q3

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Update time : 2024-11-08 16:36:56
ArcelorMittal S.A. Thursday reported sharply lower profit in its third quarter as revenues were hit by weak production, shipments and steel prices. Going ahead, the company projects increased demand in the second half as well as over the medium/long-term.
The steel major's shares were gainig around 6 percent on the Amsterdam trading, and around 5 percent in the pre-market activity on the NYSE.

Looking ahead, Aditya Mittal, ArcelorMittal Chief Executive Officer, said, "Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this.... Globally, the medium to long-term outlook for steel is positive, and we are confident that ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet our stakeholders needs and produce smarter steels for people and planet."

The company said it believes current market conditions are unsustainable as China's excess production relative to demand is resulting in very low domestic steel spreads and aggressive exports.

The company expects apparent demand in aggregate markets to be higher in the second half than same period last year.

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