(Bloomberg) -- ArcelorMittal SA said exports from China left the steel market in an unsustainable position, as the world’s biggest producer outside of the...
-- ArcelorMittal SA said exports from China left the steel market in an unsustainable position, as the world’s biggest producer outside of the Asian country reported a fall in second-quarter profit.Steel producers in the US and Europe are being squeezed between a fresh wave of cheap imports and anemic demand that’s pushing prices lower. The company cut its forecast for apparent consumption of steel outside of China — a key barometer of the world economy.
China’s economy has performed unevenly this year, with manufacturing at times a bright spot while consumption has been weighed down by a prolonged real estate crisis. That’s propelled China’s trade surplus to a record high as exports have surged. While Europe has deployed tariffs to target Chinese exports, the global steel trade is often seen as a game of whack-a-mole; if exports are blocked in one market, the action shifts elsewhere, dragging down prices across the board.
The company reported second-quarter earnings before interest, taxes, depreciation and amortization of $1.86 billion, down from both the first quarter and the same period last year, but ahead of analysts estimates.LONDON — Borrowing costs in the U.K. could be cut Thursday for the first time since the onset of the coronavirus pandemic more than four years ago, though economists stressed that the decision is likely to be a close call.
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