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ArcelorMittal Expects Demand to Expand in 2017

The world's largest steelmaker said it expects demand to expand in 2017, with robust consumption likely to come from the U.S. and Brazil.

ArcelorMittal (MT) - Get ArcelorMittal SA ADR Reportshares jumped Friday after the world's largest steelmaker said it expects demand to continue expanding in 2017, with robust consumption likely to come from the U.S. and Brazil.

Shares rose 4.9% to €7.90 in Amsterdam. The stock has jumped 20% over the past three months.

The Luxembourg-based steelmaker, which reported fourth-quarter results on Friday, said it expects apparent steel consumption to increase between 0.5% and 1.5% overall, with that in the U.S. and Brazil likely to expand between 3% and 4%, respectively. Growth in the U.S. is likely to be backed by an absence of inventory adjustments, while growth in Brazil is likely to be backed by a recovery in consumer confidence, the company said.

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