Global steel consumption to grow by 4 percent in 2014 - Lakshmi Mittal

The largest steel producer ArcelorMittal predicts steel consumption growth in 2014 by 3.5 - 4 percent and worldwide steel production growth by 3 percent.

Steel demand in the US and China will rise 4.5 percent, while demand in the EU will rise 2.5 percent over the previous year.

ArcelorMittal CEO Lakshmi Mittal told investors that he is cautiously optimistic about the steel industry's outlook for 2014.

Earlier it was reported that ArcelorMittal recorded $ 1.2 billion in losses in the fourth quarter of 2013, with a net negative result for the year of $ 2.5 billion.