ArcelorMittal sees Chinese demand growth, not in Europe and USA

ArcelorMittal, the world's biggest steelmaker, on Wednesday raised its forecast for demand growth in China this year but believes that the U.S. markets and Europe will continue to suffer from the financial crisis through 2010.

"No market is expected to normalize in Europe and the United States in 2010," said Chief Executive Lakshmi Mittal said in a document to be presented to investors later on Wednesday.

However, Mittal, whose company produced more than 7 percent of the world's steel last year, said China emerging regions and represent about 80 percent of the global market in 2009.

China's domestic demand would increase by more than 15 percent this year and would cool in 2010, Mittal said in the presentation posted on the website of ArcelorMittal.