Friday, December 10, 2004
Arcelor CEO says he's not concerned by China steel export capacity
Yahoo! News: "The head of European steel group Arcelor Guy Dolle has predicted a good fourth quarter for the company but warned of a difficult second half for the overall sector next year as demand from China slows.
[...]
Dolle tried to minimize concerns that China's move beyond self-sufficiency in steel consumption could have a negative impact on US and European steel giants.
But he acknowledged that slowing Chinese demand for commodities would likely dent global sector growth next year, particularly in the second half.
"We believe growth next year will be a little less, at four percent instead of seven-eight percent this year, but we don't see any scenario with collapse," he said.
Dolle said he was not alarmed by news earlier this week that three new steel plants with a future capacity of 16.5 million tonnes a year had been approved by Chinese authorities. "
[...]
Dolle tried to minimize concerns that China's move beyond self-sufficiency in steel consumption could have a negative impact on US and European steel giants.
But he acknowledged that slowing Chinese demand for commodities would likely dent global sector growth next year, particularly in the second half.
"We believe growth next year will be a little less, at four percent instead of seven-eight percent this year, but we don't see any scenario with collapse," he said.
Dolle said he was not alarmed by news earlier this week that three new steel plants with a future capacity of 16.5 million tonnes a year had been approved by Chinese authorities. "
