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According to the company’s head of operations on Monday in Brazil, ArcelorMittal does not see any need to cut local steel prices in Brazil despite a weakening economy and a higher level of imports. 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. Baptista simply said “There is no reason at all to move prices at the moment.”

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