Steel's Soaring Profit Not Good Enough as China Worries Grow
- ArcelorMittal profit more than doubles as volumes rise
- ThyssenKrupp boosts profit forecast amid steel recovery
Iron Ore Prices Down 31% Since March
This article is for subscribers only.
The global recovery in steel demand is making an often-beleaguered industry profitable again, but investors are still not convinced.
The world’s largest producer, ArcelorMittal, posted its biggest quarterly profit in almost five years on Friday and earnings increased at Thyssenkrupp AG. Yet both shares sank as ArcelorMittal tempered its outlook for the second quarter and said Chinese exports remain a concern, while Thyssenkrupp predicted negative free cash flow.