ArcelorMittal cuts 2019 growth forecast for Brazilian steel demand

ArcelorMittal has lowered its 2019 forecast for apparent steel consumption in Brazil amid slowing growth in the country’s gross domestic product and a recession in neighboring Argentina.

Brazilian steel demand is now expected to increase by 1.5-2.5% this year, compared with a previous of estimate of 3-4%, according to calculations by the world’s largest steelmaker disclosed in its second-quarter earnings report on Thursday August 1.

Its expectations diminished amid slower-than-expected economic growth in the country and low infrastructure spending ahead of a reform of the Brazilian pension system, coupled with effects of Argentina’s shrinking...

Published

Renato Rostás

August 02, 2019

07:03 GMT

São Paulo