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ArcelorMittal cuts profit target

The Lakshmi Mittal-headed company's profit has been damaged by falling steel demand in its biggest markets

Bloomberg  |  London 

ArcelorMittal, the world’s biggest steelmaker, cut its full-year profit forecast on weaker steel demand in the US and Europe than previously expected. Earnings before interest, taxes, depreciation and amortisation (Ebitda) will be more than $6.5 billion, compared with the earlier figure of more than $7.1 billion, Luxembourg-based ArcelorMittal said in a statement on Thursday. The Lakshmi Mittal-headed company’s profit has been damaged by falling steel demand in its biggest markets, the US and Europe, and its limited operations in the faster-growing Chinese market. US ...

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First Published: Fri, August 02 2013. 00:20 IST
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