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SANTIAGO (Scrap Monster):  ArcelorMittal Brasil is waiting for better market conditions to unfreeze its steel expansion projects in the country, said Benjamin Baptista, the chief executive officer.

“The market started 2012 with an optimistic view, but economic fundamentals have gotten worse during the year,” he said on the sidelines of Alacero’s 53rd Latin American steel conference in Santiago, Chile.

He continued that, “Brazil’s steel demand will grow at least 5% percent next year as the government prepares Rio de Janeiro for the 2014 soccer World Cup and the 2016 Olympic Games.”

“There is pent up demand for steel used in stadiums and other public works because some projects are behind schedule for the two sporting events. Things are this point are somewhat delayed. We will see better volumes next year.”

“Brazilian steel consumption will grow between 5 % and 6% in 2013 after almost stagnant growth this year,” he concluded.