ArcelorMittal cuts its forecast

City A.M. Reporter
ARCELORMITTAL, the world's largest steelmaker, cut its 2013 core profit guidance yesterday on weaker than forecast demand in Europe and the United States and lower raw material prices.

The firm, which makes six to seven per cent of the world’s steel, said it now expected the European market would shrink by between 1.5 and 2.5 per cent. Earnings are now forecast at $6.5bn (£4.3bn) for the year, down from Arcelor’s previous aim to beat last year’s $7.1bn.