‘Europe steel sector shows signs of bottoming out’

Bloomberg

Europe’s troubled steel market is showing signs of bottoming out, according to the world’s No. 1 producer ArcelorMittal.
While weak auto industry demand means it’s too early to call a recovery, steel prices in the European Union are starting to climb, said Geert van Poelvoorde, the company’s chief executive officer for flat products in Europe. ArcelorMittal announced output cuts in Europe last month as the market came under pressure, with US tariffs deflecting shipments to the EU and higher iron ore prices boosting costs.
“If the global economy stays as it is today, the steel industry has probably past the bottom,” Poelvoorde said in a phone
interview from Brussels.
“I really hope the price drop is now over.”