ArcelorMittal boosts steel outlook as it sees best quarter in 13 years

ArcelorMittal SA boosted its guidance for global steel demand after a record-breaking price rally yielded the company’s best quarter since 2008.

Steel has surged over the past 12 months, joining a wider commodities boom as producers struggled to meet an unexpectedly strong rebound in demand from the construction and manufacturing industries. After a decade of plant shutdowns and job cuts in Europe’s steel industry, demand from the infrastructure and renewable energy sectors is creating optimism about the future, said ArcelorMittal Chief Executive Officer Aditya Mittal.

“Looking forward, we see the demand outlook further improving into the second half and have therefore upgraded