Mr LN Mittal CEO and chairman of ArcelorMittal, who received the Malcolm S Forbes Lifetime Achievement Award, believes that despite the slowdown, the global steel market will continue to grow at 3% to 5% per annum.

Mr Mittal at the Forbes Global CEO Conference gala dinner in Singapore said that “The demand in China will make up for the slack in growth in the US, Europe and Japan. China makes up one third of the world demand. There will be 221 cities by 2025 and they will need 40,000 to 50,000 skyscrapers.”

He said that “All these will be made of steel and it gives me confidence that the demand will grow albeit not at double digits.”

He added that demand from India would also come from the small to medium industries.

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