August 11, 2014 / 8:19 PM / 4 years ago

ArcelorMittal's Brazil head says local price outlook stable

SAO PAULO (Reuters) - ArcelorMittal ISPA.AS does not see any need to cut local steel prices in Brazil despite a weakening economy and a higher level of imports, the company’s head of operations in Brazil said on Monday.

A logo of ArcelorMittal steel group is seen at the Les Chantiers de l'Atlantique shipyards in Saint Nazaire, western France, July 9, 2009. REUTERS/Stephane Mahe

Benjamin Baptista told reporters that the company expected the Brazilian real to weaken through to the end of the year, helping local steel makers fend off further rises in imported material.

“There is no reason at all to move prices at the moment,” Baptista said.

Reporting by Alberto Alerigi; writing by Stephen Eisenhammer; Editing by David Gregorio

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