Developing Countries Could Control Majority Of Steel Production Soon

Steel industry giant ArcelorMittal said the global steel industry is unlikely to see major new tie-ups because there is already significant consolidation in the sector, apart from China, Agence France-Presse reports.

“I think that outside China, the steel industry is well consolidated,” Lakshmi Mittal said, answering a question at a shareholders meeting at ArcelorMittal headquarters in Luxembourg. “I really don’t see a major consolidation transaction in the steel industry.”

Mittal predicted that in four to five years, developing countries will control a majority of the world’s steel production.

“In three years time, euro-dollar economies will come back to their pre-crisis levels, but I really don’t see major growth,” Mittal said, adding that developed countries would remain leaders in terms of developing new technologies and products.