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ArcelorMittal foresees industry recovery amidst global steel demand growth

ArcelorMittal, the world's second-largest steelmaker, announced on Thursday that it is observing early indications of improvement in the industry landscape. It anticipates a 3-4% growth in global steel demand excluding China for the current year.

ArcelorMittal foresees industry recovery amidst global steel demand growth

In terms of financial performance, the company reported fourth-quarter core profit (EBITDA) of $1.27 billion, slightly surpassing the average forecast of $1.20 billion from a company-conducted poll and remaining relatively stable compared to the previous year's figure of $1.26 billion. At 0855 GMT, ArcelorMittal's shares were up by 2.4%, although they had earlier surged by as much as 5.1% before moderating gains.

The steel industry has grappled with challenges such as decreased construction activity in Europe, issues in China's real estate sector, and reduced demand in the U.S. due to interest rate hikes. Chief Financial Officer Genuino Christino noted a positive trend in European prices, while mentioning SSAB's recent earnings report, which indicated a lesser-than-expected decline in fourth-quarter earnings attributed to a pickup in European steel prices towards the year's end. Despite weaknesses in China's real estate market, steel consumption is anticipated to remain stable due to government stimulus measures.

The steelmaker posted a full-year net profit of $4.87 billion, including $2.4 billion related to the divestment of its Kazakhstan operations and a $1.4 billion impairment of Acciaierie d'Italia. Regarding disruptions in maritime trade caused by attacks from Yemen's Houthi militants in the Red Sea, the company stated that although there have been some increases in insurance costs, the overall impact on the group is not significant. Genuino Christino highlighted a positive aspect for their business, noting a growing reluctance to import materials.

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