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ArcelorMittal lowers 2013 profit outlook
August 1, 2013 / 5:17 AM / in 4 years

ArcelorMittal lowers 2013 profit outlook

BRUSSELS (Reuters) - ArcelorMittal ISPA.AS, the world’s largest steelmaker, on Thursday cut its 2013 core profit guidance on weaker-than-expected demand and lower-than-expected raw material prices.

General view of the ArcelorMittal steel plant in Liege September 18, 2012. REUTERS/Francois Lenoir

It said earnings before interest, tax, depreciation and amortization (EBITDA) in 2013 would be greater than $6.5 billion, versus a previous forecast that it would be above the $7.1 billion reported in 2012.

ArcelorMittal, which sold around 45 percent of its steel in Europe last year, said second-quarter EBITDA, or core profit, fell 33.5 percent year-on-year to $1.70 billion, below the analysts’ average forecast of $1.75 billion in a Reuters poll.

Reporting by Robert-Jan Bartunek, editing by Ben Deighton

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