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Arcelormittal Loses $700 Million In 3Rd Quarter - China Steel Dump?

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http://www.nytimes.com/2015/11/07/business/international/arcelormittal-steel-china-loss-commodities.html?ref=business&_r=0

ArcelorMittal, the world’s largest steel maker, on Friday reported a $700 million loss for the third quarter, blaming falling prices and competition from Chinese exports.

In a news release, the company said that customers were hesitating to buy its products and that “unsustainably low export prices from China,” which produces far more steel than any other country, had hurt its bottom line.

Lakshmi N. Mittal, the company’s chief executive, said in an interview on Friday that steel demand in the company’s main markets, Europe and North America, was healthy, but that low-cost Chinese steel was depressing prices.

“The Chinese are dumping in our core markets,” Mr. Mittal said. “The question is how long the Chinese will continue to export below their cost.”

The company’s loss for the period compared with a $22 million profit for last year’s third quarter.

The global steel industry on the verge of collapse? Does this company have large debts?

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God I hope so...... :lol:

+1

“The Chinese are dumping in our core markets,” Mr. Mittal said. “The question is how long the Chinese will continue to export below their cost.”

It's just a shame that there isn't some banking dumping as well.

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China has wrecked everything.

Many global core industries were in a reasonable equilibrium, China has completely smashed the equilibrium to the point here for some key raw materials and basic intermediates the products are cheaper than the raw materials. Companies worldwide expanded to meet the artificial demand created by China's unsustainable expansion and that is now winding back. Whose steel built the Chinese steel factories?

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