Steel consumption is expected to rise by 3-4% in India in particular, while other customers will slowly empty their stocks, the steel and mining company said. This could see demand rise once more.
ArcelorMittal produced less in 2023 due to the dismantling of stored steel, which together with significantly lower prices, meant that the world’s largest steel producer outside of China experienced lower turnover and profit last year. The company’s 2023 report revealed around 68 billion dollars in sales - a decrease of 15% - while profits dropped to almost 920 million dollars. The group promises better results for 2024 .
