Nippon Steel Acquires US Steel, Becoming World's Second-Largest Producer

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ArcelorMittal, the world's top steelmaker outside of China, reported a 28% decline in earnings due to a slump in demand in the steel industry . The manufacturing and construction sectors have been struggling, leading to squeezed margins and sales. Furnaces across Europe have been idled, and rival steelmakers have announced job cuts . ArcelorMittal left its forecast for 2023 steel consumption outside China unchanged, but expects European steel consumption to be at the lower end of its previous forecast . The company is facing difficulties, including the loss of its steel plants and mines in Kazakhstan due to an accident, and frequent disruptions at its Ukrainian mill since Russia invaded the country . ArcelorMittal is providing financial support to the families affected by the accident and ...

#newstr #NipponSteel #UsSteel #Acquisition #SteelIndustry