BRUSSELS - ArcelorMittal, the world’s largest steelmaker, cut its demand forecast for its key markets on Thursday and said it was facing the twin challenges of lower steel prices and reduced consumption in Europe.
“Our first quarter results reflect the challenging operating environment the industry has faced in recent months.” Chief Executive Officer Lakshmi Mittal said in a statement. ArcelorMittal increased its growth forecast for 2019 global apparent steel consumption, which also reflects changes in inventory levels, to 1.0-1.5 percent from its February guidance of 0.5-1.0 percent.
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