The World's largest and top-ranked steel manufacturer, ArcelorMittal, has said that its markets would continue to improve at a very slow pace, with higher shipments but lower prices, during the early part of the ongoing year.

Earnings forecasts of the company managed to fall short of market expectations. On Wednesday, the company shared that the industry, which can be an appropriate measure of the global economic strength, would witness an increase in demand from important customers like car manufacturers, and rises in prices are expected to have a impact in the year's second-quarter.

"The recovery is underway, but is slow and progressive", Chief Financial Officer Aditya Mittal said while predicting a 10% rise in global demand during this year.

For the first-quarter, the company is expecting to post earnings between $1.8 Billion and $2.2 Billion for 2010's first-quarter.

"What is disappointing is the guidance. With that start, it will be tough to meet market estimates for the full year. I expect them to be revised down", said Hermann Reith, analyst at BHF Bank in Frankfurt.