Chinese and auto demand to boost ArcelorMittal

Globe's top steel maker delivers an upbeat quarterly financial report

BRUSSELS - The world's No 1 steelmaker ArcelorMittal SA sees demand from China and the auto industry supporting second-half profits this year, along with more in-house ore and coal supplies.

In an upbeat quarterly statement that matched a mood set by Japan's Nippon Steel Corp, the maker of 6 to 7 percent of the world's supplies, raised its forecast for 2011 global steel consumption because of stronger demand from China and predicted a milder seasonal profit dip in the third quarter than a year previously.