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By Market News Video Staff, Thursday, February 10, 4:45 PM ET
Yesterday, ArcelorMittal (NYSE:MT), the world’s largest steelmaker, posted a fourth quarter loss of $780 million. However, the Luxembourg based company expects global steel demand to increase in 2011. ArcelorMittal’s Chief Executive Officer, Lakshmi Mittal, said in an interview that he expects demand to rise about 10% this year in the US, while Chinese and European demand will grow by 6-7%.
Shares of US steelmakers, United States Steel Corp (NYSE:X) and AK Steel Holding Corp (NYSE:AKS), climbed on the news. US Steel rose 0.8% to $57.70, while AK Steel gained about 1.3% on Thursday.
South Korean steelmaker, Posco, also reaped the benefits from the news. Shares of Posco increased by 0.58% to $ 108.49.
Meanwhile, Vale (NYSE:VALE), a Brazilian mining company responsible for supplying iron ore to global steelmakers, traded higher by about 1% on Thursday. It is important to note that the price of iron ore has increased by 30% since November. If global steel demand increases as expected, Vale stands to benefit from it.
The Market Vectors Steel Index Fund (AMEX:SLX), which has more than 30% of its assets invested in ArcelorMittal, US Steel, AK Steel, Posco and Vale, increased by 0.38% to $74.50 following the encouraging news.
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