Asia Bizz: Slow Steel Demand For The Year 2011: Arcelor-Mittal
The world’s largest steel manufacturing company, Arcelor-Mittal, has stated that there will be slow demand in steel, in the coming year of 2011. The Head of India and China operations in the company, stated that the demand would slip to 5-6% from the projected 13.1% this year. One of the main reasons that the company has predicted the slump, is because of the ongoing weak global economy.
Vijay Bhatnagar, head of India and China operations has stated that it is just too early to predict that there would be slow demand in the coming year and the tense situation in the Korean peninsular would be having a major hand in this.
Mr. Bhatnagar stated “Demand growth compared to 2010 will be slow because 2009 was a low base.” He also added that the growth and demand in the company’s steel manufacturing process will depend on all the emerging major economies like Russia, India, China and Brazil, for the global economy has affected a major chunk of these economies and growth has indeed been stunted.
Source: Reuters
