The world may be facing its first steel shortage in decades because of accelerating demand and a lack of investment when the metal was trading at lower prices, Arcelor Mittal Chief Executive Lakshmi Mittal told Bloomberg News recently in an interview. "There is short supply; all steel companies are running at full capacity," Mittal said in New York. "We're facing for the first time in decades a potential shortage of steel." Prices have surged on demand from emerging markets.

While Arcelor Mittal is known for producing flat products, it recently made news in the long products sector when it agreed to acquire Bayou Steel Corp, an American manufacturer of structural steel products, from Black Diamond Capital Management LLC, for $475 mil. The transaction was subject to regulatory approval.