Nov. 27 (Bloomberg) -- Cap SA, Chile’s largest steelmaker, said demand for steel will begin to rise by the middle of next year after slumping because of a global economic recession.
Cap had expected a faster rebound, Chairman Roberto De Andraca said today in a speech in Santiago, where the company is based. Cap’s sales will decline in the fourth quarter, he said.
The company will delay investments to expand steel production by as much as 10 months because of the slowdown, he said.
Cap canceled a planned $550 million share sale this month after suspending a $1 billion investment to double its iron-ore output.