The global steel industry is poised for a recovery, says the head of the world’s biggest steelmaker, who believes market conditions will pick up as China starts to shut factories.
A collapse in prices for the metal has wrought havoc on producers over the past year, with Chinese mills accused of compounding sluggish demand by dumping surplus steel on to international markets.
But Lakshmi Mittal, chief executive of ArcelorMittal, said there were signs of change. “We believe that we have reached the bottom of the situation and things should continue to improve,” Mr Mittal told the Financial Times.
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