ArcelorMittal said that global steel demand is forecast to rise by 10% in 2010 driven by emerging markets, which will bring the market closer to pre crisis levels.
Mr Aditya Mittal CFO of ArcelorMittal said that however, developed world demand is still down between 20% and 25% from 2008 levels. The construction sector remains weak globally, with the exception of China, but the automotive sector has recovered better than expected.
He added that "Overall, though, customers in markets are still demanding less steel than in 2008 but the recovery is underway."
ArcelorMittal said that it raised capacity utilization to 72% by the end of the first quarter and plans to be at 80% in the second quarter. That is up from around 45% in the first quarter of 2009.