The world's largest steel producer Luxembourg-based ArcelorMittal's chairman and CEO Lakshmi Mittal said on June 22 that the steel demand increase will be slower in the second half of the year although he added that the apparent and real demand for steel remains positive, according to international news sources. "We will see a 10 percent increase in global demand this year," he pointed out.
Speaking at a conference in New York, Mittal stated that he saw demand slowing in the second half for seasonal reasons. He said that European and US customers are taking a wait-and-see approach, while stressing that inventory levels are still low. "But once you take out the seasonality factor, things will start to improve," he added.
Mr. Mittal does not foresee a recovery in developed world steel demand to pre-crisis levels until 2012.