Brazil becomes main market for ArcelorMittal, sales in China fall

Brazil overtook the United States as ArcelorMittal's largest country in terms of sales in the first half of 2021 following the sale of ArcelorMittal USA last December. Sales in leading European markets also rose sharply in the first half of the year.

Despite lower revenues in the US, sales in Brazil rose 118% year-over-year to $ 3.97 billion in the first half. US sales were $ 3.4 billion, down 39%. Germany came in third with a 50% rise in sales to $ 3.02 billion, while Italy came in fourth with a 78% jump to $ 2.67 billion. This left France and Poland fifth and sixth, respectively, with $ 2.49 billion and $ 2.33 billion, up 72% and 50%.

Taking off last year, sales in China plummeted 48% in the first half to $ 397 million. According to ArcelorMittal, China's economic activity remains robust, but growth has slowed amid declining political support.

According to the steelmaker, the recovery in China's GDP growth from 2020 is still supported by investment - investment in fixed assets continues to follow a pre-pandemic trend. “In the past, the emphasis on infrastructure investment has been supported by the output of a number of intermediate manufacturing industries and the import of raw materials,” it said.

“While growth is expected to slow in the second half of 2021 as investments, especially in infrastructure and real estate weaken, household spending and corporate investment are likely to overtake real estate, infrastructure and exports as drivers of growth,” adds he.