ArcelorMittal believes that the US and European steel markets will not return to pre crisis levels in 2010, although developing countries should drive growth.

Mr LN Mittal CEO of ArcelorMittal, in a presentation on the company's web site to be made to investors simultaneously in London and New York, said that "Markets are not expected to normalize in Europe and the US in 2010."

According to Mr Mittal, the emerging world and China were equally important and will represent nearly 80% of the global market in 2009. Domestic demand in China is set to increase by more than 15% this year, but is expected to cool in 2010, although it will still grow.

(Sourced from Reuters)