ArcelorMittal has lowered its 2019 forecast for apparent steel consumption in Brazil amid slowing growth in the country's gross domestic product and a recession in neighboring Argentina.
Brazilian steel demand is now expected to increase by 1.5-2.5% this year, compared with a previous of estimate of 3-4%, according to calculations by the world's largest steelmaker disclosed in its second-quarter earnings report on Thursday August 1.Its expectations diminished amid slower-than-expected economic growth in the country and low infrastructure spending ahead of a reform of the Brazilian pension system, coupled with effects of Argentina's shrinking GDP.ArcelorMittal Brasil's sales volumes...