ArcelorMittal says both demand and costs rising

Marion Dakers
THE WORLD’S largest steelmaker ArcelorMittal forecast a seasonal dip in the third quarter yesterday, but said there would be no repeat of the pronounced slowdown seen towards the end of last year.

ArcelorMittal reported a 21.5 per cent rise in quarterly profit, crediting higher commodity prices for much of the gain.

The company, which makes around seven per cent of the world’s steel and whose production is more than double that of its nearest rival, said second-quarter core profit surged to a post-crisis high of $3.41bn (£2.1bn).

ArcelorMittal quarterly sales rose 24.5 per cent on last year to hit $25.1bn, and the firm raised its forecasts for global steel and coal demand for the rest of the year. The firm also expects material costs to continue surging.