ArcelorMittal revises downward its forecasts for steel consumption in Europe for the year 2023

"We expect consumption in Europe to be below the low range of our last forecast (which was between -0,5% and +1,5%), due to weak demand for long products due to the weakness of construction activity", indicates the second largest steelmaker in the world in its results press release for the third quarter.

In China, ArcelorMittal continues to forecast growth in steel consumption "of between 1 and 2% in 2023 compared to 2022" and raised its forecast for India, whose consumption should be "above the range of the previous forecast (between +6 and +8%)".

The group announced a decline of 6,4% in its net profit in the third quarter and 12,4% in its turnover compared to the same quarter of 2022.

It was affected in particular by the drop in steel prices and the drop in demand in Europe, according to the press release.

On an overall level, the steelmaker nevertheless remains "positive" on the medium and long term demand outlook.

On the production side, ArcelorMittal increased its production of steel and iron ore compared to the 3rd quarter of last year. Steel shipments increased to 13,7 million tonnes from 13,6 million last year.

On the financial side, the group achieved an operating profit Ebitda better than what analysts expected, underlines Bloomberg according to which the market is awaiting "explanations and clarifications" on the group's exit process of Kazakhstan, which was concluded "on October 22".

ArcelorMittal "is focused on ensuring that the conclusion of this transaction occurs as quickly as possible", the press release simply indicates without further details.

An explosion in a mine in Kazakhstan on October 28 caused the deaths of 46 people, the fifth fatal accident suffered by the group in the last two years in this country, and the worst mining accident in Kazakhstan's history, including the government has decided to resume direct exploitation of mines and steelmaking.

ArcelorMittal, which has owned the Temirtau site in Kazahstan since 1995, has invested “more than 5 billion dollars” over the past 20 years to improve maintenance and security, the group argues in its press release. This by equipping miners with gas detectors and personal monitoring systems to identify their presence in the subsoil as well as by investing in drilling equipment to better monitor and understand the geology of the subsoil, he specifies. -he.

ArcelorMittal's assets in Kazakhstan are valued at $1,8 billion in its accounts.

ArcelorMittal shares were down 1,76% on Thursday morning on the Paris stock exchange at 20,94 euros, on a stable market (+0,02%).