According to foreign reports, the world's largest steelmaker ArcelorMittal, Arcelor Mittal (Arcelor Mittal, chief financial officer of Aditya Mittal, 26, said, the company tried to failing to increase in steel prices, the company now expects a substantial decline in the average price of the last months of 2010.
The company is expected in the fourth quarter net profit will fall, and said the company will remain stable in the fourth quarter of production, because the demand is still moderate". ArcelorMittal's third quarter net profit of $1350000000, higher than the same period last year to $903000000, an increase of nearly 50%.
Mittal said, we have tried to pass on the cost of raw materials, which is the reason we expect the four quarter price will be stable to fall from."
July, Arcelor Mittal said that the company had tried to the 2010 steel price increase of 10% in order to maintain profitability, and passed on iron ore, coking coal for steelmaking the impact of rising raw material costs.
ArcelorMittal chief executive Lakshmi Mittal said. "The price rise of 10% is unlikely to occur at present." "The uncertainty in the pricing system is leading to price increases."
ArcelorMittal said, continued weakness in demand and consumer confidence will lead to a decline in the four quarter steel prices fall.
Mr Mittal said the company expects 2011 global steel demand will rise 6%, but is expected to 2010 the last few months demand will rise slightly, the company is expected in 2010 global steel demand in an increase of 13%.
The company said, we want to see the growth of consumer demand in 2011."
The three quarter, global steel demand fell by 6% quarter, partly because of seasonal factors and China weak European monetary policy tightening.
ArcelorMittal said, is expected in the fourth quarter of China's apparent demand will improve, the demand of developing countries close to pre crisis levels, and demand in developed countries is still below pre crisis levels. Company in southern Europe and construction risk spacious mouth is in the majority, the field of economic recovery lag in other areas, the German car demand.