Bloomberg quoted Mr LN Mittal CEO of ArcelorMittal as saying that he expects demand to rebound on very low inventories and it may ramp up output in 2009.
He said that "If the demand will start improving in the first quarter or the second quarter, we will increase production volumes. We cut output by 35% and it was very aggressive for us."
Mr Mittal said that "Inventory levels are very low in the system. I do not think there will be an additional production cut. We need to continue watching the market."
It may be noted that steelmakers in Europe, Asia and the US have cut production as demand slumped amid the global economic recession. Worldwide crude steel production declined 12.4% in October.
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