SAO PAULO, July 14 (Reuters) - ArcelorMittal SA will probably idle the long steel mills it recently installed in its João Monlevade plant in Brazil, a senior company executive said on Tuesday.
Jefferson de Paula, ArcelorMittal’s South American head of long steel, said at an industry event that there is excess capacity in the sector and stagnating demand.
Long steel products include rebars, wire rod, rails and drawn wire.
De Paula’s comments echo those of Benjamin Baptista, the company’s chief executive in Brazil, who warned on Monday that the outlook for demand in Brazil’s domestic steel market remains gloomy. (Reporting by Alberto Alerigi Jr.; Writing by Asher Levine; Editing by Peter Galloway)