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ArcelorMittal Remains Positive On The Medium/Long-Term Steel Demand Outlook; Expects Capex In 2024 To Remain Within The $4.5B-$5B

Author: Benzinga Newsdesk | February 08, 2024 02:18am

Outlook

As anticipated, apparent demand conditions are now showing signs of improvement as the destocking phase reaches maturity. Despite continued headwinds to real demand, World ex-China apparent steel consumption ("ASC") in 2024 is expected to grow by +3.0% to +4.0% as compared to 2023.

ArcelorMittal expects the following demand dynamics by key region:

  • In the US, although real demand growth is expected to remain lackluster due to the lagged impact of higher interest rates, the destocking that impacted apparent demand in 2023 is not expected to continue in 2024. As a result, apparent steel consumption of flat products is expected to grow by +1.5% to +3.5%;
  • In Europe, whilst the Company assumes a marginal decline in real demand, mainly construction, the destocking that impacted apparent demand in 2023 is not expected to continue in 2024. As a result, apparent demand for flat products is expected to improve, with growth within a range of +2.0% to +4.0%;
  • In Brazil, the Company expects a gradual rebound in real steel consumption to support an ASC growth within a range of +0.5% to +2.5%;
  • In India, the Company expects another strong year with apparent steel consumption growth within the range of +6.5% to +8.5%;
  • In China, economic growth is expected to weaken. Despite continued weakness in real estate, the impact of announced stimulus is expected to support offsetting demand growth from infrastructure spending. As a result, steel consumption is expected to be relatively stable/slightly positive (+0% to +2%).
     

The Company remains positive on the medium/long-term steel demand outlook and, supported by its strong position remains focused on executing its strategy of growth with capital returns.

Capex in 2024 is expected to remain within the $4.5-$5.0 billion range (of which $1.4-$1.5 billion is expected as strategic growth capex).

Posted In: MT


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