ArcelorMittal has further improved its outlook for European steel demand, as the market continued performing strongly during the second quarter.
The group now expects regional demand to recover 13-15% year-on-year in full year 2021. The previous forecast was for 7.5-9.5% growth, Kallanish notes.
“Looking forward, we see the demand outlook further improving into the second half and have therefore upgraded our steel consumption forecasts for the year,” says ArcelorMittal Group chief executive Aditya Mittal. Meanwhile, ArcelorMittal registered increasing profit and production at its European units during Q2.
Operating income reached $1.2 billion in the June quarter; in the first half of the year operating income was $1.8 billion, against a loss of over $600 million in H1 2020.
Production at the company’s units continued recovering in H1. In April the group adjusted its calculation to take into consideration the reduced share of control of the former Ilva unit in Italy. Q2 adjusted crude steel production in Europe was up 6.5% on-quarter, supported mainly by the reopening of one blast furnace in Ghent, Belgium.
Emanuele Norsa Italy
