Lakshmi Mittal: Steel demand slowing in Europe

On September 23, Lakshmi Mittal, CEO of Luxemburg-based global steel giant Arcelor Mittal stated that steel demand is "clearly slowing", especially in Europe. He said, "People are not sure how the economy will move forward and that's why there is a slowing in demand." Nevertheless, Mittal said steel prices are stable in most markets, and US steel prices even increased.
 
Mr. Mittal said confidence is weaker and this is leading customers to maintain a wait-and-see approach. Mittal pointed out that the present situation is elastic, stating that in previous weeks they increased prices in the US market, but we will not do that again unless there is strong demand. Raw material prices are unchanged, he said, which reflects that demand for raw material is stable and not downward