Steel’s Future is Promising, Even With All of the Uncertainty, Says Lakshmi Mittal
06/18/2026 - Despite the uncertainty and the geopolitical tensions throughout the world, ArcelorMittal founder and executive chairman Lakshmi Mittal says the industry’s future is encouraging.
“There are plenty of reasons to remain optimistic and excited about the future. I have no doubt that we’ll continue to face plenty of challenges and unexpected events, but I can say that after 50 years in the steel industry, there is no place I would rather be,” Mittal said in a recorded address to attendees of the 2026 Global Steel Dynamics Forum.
Mittal told attendees that the buildout of emerging economies, especially in India, along with the energy transition and infrastructure development in advanced economies are reasons to be upbeat about demand.
With respect to emerging economies, the last 20 years have been characterized by China’s remarkable growth. “Now it is India’s turn, with massive infrastructure expansion and rapid urban housing growth all in the cards,” he said.
Mittal also said AI and the significant increase in electricity that will be needed to fuel it, will accelerate steel demand.
“The increased electricity need will drive demand for energy infrastructure beyond that arising from simple replacement of old infrastructure,” he said.
You can watch his full address to the Global Steel Dynamics Forum here.
Mittal told attendees that the buildout of emerging economies, especially in India, along with the energy transition and infrastructure development in advanced economies are reasons to be upbeat about demand.
With respect to emerging economies, the last 20 years have been characterized by China’s remarkable growth. “Now it is India’s turn, with massive infrastructure expansion and rapid urban housing growth all in the cards,” he said.
Mittal also said AI and the significant increase in electricity that will be needed to fuel it, will accelerate steel demand.
“The increased electricity need will drive demand for energy infrastructure beyond that arising from simple replacement of old infrastructure,” he said.
You can watch his full address to the Global Steel Dynamics Forum here.
