ArcelorMittal 2019 Annual Report Surveys Global Steel Market

The company expects world ex-China ASC to report growth in 2020.

SEATTLE (Scrap Monster): ArcelorMittal announced publication of ‘2019 Annual Report’, outlining the company’s overall performance during the previous year.

According to the report, the weakness in North American and European markets had a significant impact on the company’s results. The above two markets together accounted for over 60% of the company’s deliveries in 2019, despite demand decline. The EU market too recorded decline, for the first time since 2012. The steel demand in the EU region registered 4% decline over the previous year. The demand dynamics in China too had its impact on ArcelorMittal’s global steel business.

ALSO READ: ArcelorMittal Expects Modest Steel Demand Pickup in 2020

The underlying steel demand in the U.S. reported strong jump when compared to the period of 2008/2009 financial crisis. The apparent demand for flat products at 4.7% was less severe than the 8.6% decline in 2015. ArcelorMittal do not anticipate economic recession in the country. However, any new economic downturn could serious impact the company’s profitability, the report said.

The company expects world ex-China ASC to report growth in 2020, mainly due to relatively strong demand growth in developing Asian markets, coupled by slow growth in developed markets.

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