Steel consumption in Brazil should return to growth in Brazil after a sharp fall this year, the Chief Financial Officer of ArcelorMittal said on Friday.

The world's largest steelmaker has estimated that apparent steel consumption, which includes changes in inventories, would fall by between 4.5 and 5 percent this year in Brazil, one of its major markets which fell into recession into the first half of this year.

"In terms of Brazil, which is also very important part of ArcelorMittal, we feel the worse is behind us in terms of apparent steel consumption and next year we should have positive apparent steel consumption," CFO Aditya Mittal told a conference call.

"I'm not suggesting there will be a V-shaped recovery in Brazil, but the significant decline that we have of 4.5 to 5 percent in 2014 will clearly not be repeating itself in 2015."