There is evidence of new demand for steel in the Middle East market, according to Lakshmi Mittal, Chief Executive and Chairman of ArcelorMittal, the world's largest steelmaker.
Speaking during a global media conference call yesterday, Mittal said: "The destocking in the region is in progress. However, we are seeing new demand in the region for construction-related products." The firm also plans to raise $3bn (Dh11bn) from the sale of shares and bonds to reduce debt.
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