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Steel company ArcelorMittal said recently that it expected global steel consumption to shrink this year.
The company said steel demand, a key barometer of global economic growth, would fall by as much as 1 per cent this year. ArcelorMittal said before the conflict between Russia and Ukraine that steel consumption was expected to remain stable or increase slightly in 2022.
The company's CEO, said in a statement: "we now expect steel consumption to decline slightly this year compared with 2021. However, it is clear that the long-term fundamentals of steel are positive."
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