Steel is the Fabric of the Future

“No-one should doubt that steel remains the material of choice for the automotive industry,” asserted ArcelorMittal Chairman and CEO Lakshmi Mittal at the annual Steel Success Strategies conference in New York.

“I want to stress that steel can provide all the weight reduction that auto producers require to satisfy the new fuel efficiency standards; for all types of vehicle,” said Mittal. “I know other materials talk about 30 or 40% lighter than steel, but that’s only accurate if you are using the steel of 2005 as a comparison. Today we are working with completely different steels, which are the results of hundreds of millions of dollars of investment.”