Bloomberg reported that ArcelorMittal said that plunging demand that prompted the company to cut output 30% is not exceptional and consumption in emerging markets such as China remains strong.

Mr Christophe Cornier VP of ArcelorMittal told the Steel Success Strategies conference in Paris that “We are in a big depression but this is not an exceptional time. Good times will come back. We must not get too pessimistic.”

Mr Cornier said that “When demand returns we will increase production again.”

He added that “The fundamentals in China remain solid and record de stocking will lead to recovery.”