Lakshmi Mittal's predictions for a strong rebound in the world steel industry next year are too optimistic and recovery is likely to be substantially more muted, industry executives and analysts say.
The chairman and main owner of ArcelorMittal, the world's biggest steelmaker, has forecast a rise in global production in 2010 of at least 10 per cent, but others expect a rebound to be substantially smaller and as low as 5 per cent.
Demand for steel – which feeds into a huge range of sectors – is regarded as an important bellwether of industrial trends. But there has been little sign of a pick-up outside China, especially in key markets such as the US.
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