Outlook
Overall economic sentiment remains subdued with customers maintaining a "wait and see" approach with no restocking yet apparent. Nevertheless, sentiment appears to have reached a floor and given the low inventory environment (particularly Europe) as soon as real demand begins to gradually improve, apparent demand is expected to rebound.
The Company continues to forecast World ex-China apparent steel consumption ("ASC") to grow +3.0% to +4.0% in 2024, including: +1.5% to +3.5% in US; +2.0% to +4.0% in Europe; +0.5% to +2.5% in Brazil and +6.5% to +8.5% in India.
The Company remains positive on the medium/long-term steel demand outlook and believes that it is optimally positioned to execute its strategy of growth with capital returns.
Capex in 2024 is expected to remain within the $4.5-$5.0 billion range (of which $1.4-$1.5 billion is expected as strategic growth capex).