At the annual Steel Success Strategies conference in New York,
ArcelorMittal chairman and CEO Lakshmi Mittal stated that steel has all the capability to remain the preferred material for the automotive industry.
"Steel can provide all the weight reduction that auto producers require to satisfy the new fuel efficiency standards, for all types of vehicle," said Mr. Mittal. "Essentially we need to deliver a 25 percent reduction in the weight of structural components and closures, in other words the body-in-white. Steel can already do this, and we can do it in a more cost-effective and environmentally-friendly manner than any other material."
Mr. Mittal also spoke about the global economy, saying, "The key difference between now and two years ago is that the developed markets are on a much stronger footing. 2014 is expected to be the strongest year for the OECD since 2010. This is certainly positive for
ArcelorMittal as two thirds of our shipments are in the developed world."