ArcelorMittal lifted by demand in US as revenue hits pre-crisis levels

WORLD number one steelmaker ArcelorMittal predicted a post-crisis high for profits in the second quarter, helped by strong US demand after a sharp rebound at the start of the year.

The maker of six to seven per cent of the world’s steel met first-quarter earnings forecasts yesterday as prices caught up with a spike in iron ore and coking coal costs.

The Luxembourg-based group said it expected global steel consumption would grow 6.5 to seven per cent this year, with the strongest growth of up to 10 per cent in North America.

ArcelorMittal said second-quarter core profit should be $3-$3.5bn (£1.8-£2.1bn), the highest level since third quarter of 2008, just before the global steel sector went into freefall.