ArcelorMittal chief sees steel orders rising

ArcelorMittal CEO Lakshmi Mittal said he expected orders at the world's largest steel company would rise toward the end of the third quarter this year.

"We don't expect as strong a seasonal downturn as we did last year, and believe that given the relatively low inventories and rising underlying demand, orders should pick up towards the end of the third quarter," Mittal said in a speech to an industry conference. Demand from the construction sector in the developed economies remains weak, but demand in China should grow 7% this year, Mittal said. The economies in the developed world may not return to the pre-financial crisis levels until 2015, he said, and the rising prices for commodities remains among the biggest threats to global economic growth.