Steelmaker ArcelorMittal slams China's 'aggressive' exports

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Steelmaker ArcelorMittal slams China's 'aggressive' exports

Steelmaker ArcelorMittal slams China's 'aggressive' exports
by AFP Staff Writers
Paris (AFP) Nov 7, 2024

ArcelorMittal, the world's second biggest steelmaker, said on Thursday stronger trade measures are urgently needed to deal with higher imports into Europe, as "aggressive" exports from China are making the market unsustainable.

The Luxembourg-based group posted a net profit of $287 million for the third quarter, a threefold drop from the same period last year.

Its revenue fell 8.5 percent to $15.2 billion.

Citing "excess" output and "aggressive exports" from China, the company said steel prices in Europe are well below the cost of production.

"The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this," ArcelorMittal chief executive Aditya Mittal said.

Mittal added that the European Union's Carbon Border Adjustment Mechanism "needs further strengthening to ensure it fulfills its aim of ensuring European steelmakers can remain competitive versus higher-emissions imports".

The CBAM imposes a carbon price on imports of good such as steel and cement from countries with lower environmental standards.

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ArcelorMittal

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