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Jul 25, 2012, 02.06 PM IST
ArcelorMittal, the world's largest steelmaker, beat market expectations and cut net debt in the second quarter due to a divestment gain, but said the market was far more challenging than expected, with little change expected in the second half.
The steelmaker, whose capacity is more than double that of its nearest rival, said on Wednesday core profit (EBITDA) was $2.45 billion, against the average forecast of $2.18 billion in a Reuters poll. However, the second-quarter number included a $339 million gain from a U.S. divestment, part of its bid to bring down debt.
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