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(Bloomberg) -- ArcelorMittal SA expects global steel consumption to contract this year as Russia’s invasion of Ukraine slows the economic rebound from the pandemic. Most Read from BloombergU.S. Forgives $6.8 Billion in Public Service Worker Student LoansFed Hikes Rates Half-Point as Powell Signals Similar Moves AheadElon Musk, Cathie Wood Say Passive Funds Have Gone Too FarAt 78, Investor Preps for ‘Biggest Bear Market in My Life’ Ukraine Latest: U.K., Japan to Help Asia Shift From Russian OilDe
ArcelorMittal reported higher-than-expected core profit in the first quarter on Thursday, but said it now forecast a slight contraction in global steel demand this year, with a sharp decline in the former Soviet Union countries. The change in global steel demand in 2022 will be between 0% and -1%, the company said. The Luxembourg-based company also increased its buyback program for 2022 to $2.0 billion, from $1.0 billion previously completed.