Steel production will probably fall as far as it's going to by the end of March, Lakshmi Mittal, ArcelorMittal CEO, believes. "We think we will reach the bottom of the cycle in first quarter 2009," he commented.
The ArcelorMittal boss went on to say that, in such a case, orders could begin to increase later this year at ArcelorMittal plants worldwide. Since September the industry has suffered the most rapid downturn in demand anyone can remember, he said.
While production also remains dramatically below what it was a year ago, Mr. Mittal expressed the view that steelmaking could begin a slow ascent before mid-year.