ArcelorMittal beats profit expectations on higher steel demand

BRUSSELS (Reuters) -ArcelorMittal, the world’s second largest steelmaker, said it had a "good growth" in the beginning of the year as it reported higher than expected first-quarter earnings. ArcelorMittal said on Thursday global steel demand, excluding China, should grow in 2023 between 2% and 3%, and maintained its expectation that its own shipments will increase by around 5% this year. ArcelorMittal said it had benefited from a gradual recovery in steel demand, resulting in apparent steel consumption growth and rebound in steel spreads as well as better mining performance.

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