ArcelorMittal beats estimates in Q3, trims forecast for steel demand

The company, which produces around 5 per cent of global steel, said it now expected its own shipments to be stable this year

ArcelorMittal, the world's largest steelmaker, cut its forecasts for demand in its main U.S. and European markets but reported a higher-than-expected core profit.

The Luxembourg-based company said on Thursday its third-quarter core profit (EBITDA), the figure most watched by the market, was $1.06 billion, compared with the average forecast in a company poll of $930 million.

ArcelorMittal shares were up 8.2 per cent, making them among the strongest performers in the FTSEurofirst 300 index of top European shares. The seesaw stock is 29 per cent higher than a month earlier, but 31% lower year-on-year.

"There is a lot of pressure on European steel