ArcelorMittal lowers 2013 profit outlook

ArcelorMittal, 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.

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It said earnings before interest, tax, depreciation and amortisation (EBITDA) in 2013 would be greater than USD 6.5 billion, versus a previous forecast that it would be above the USD 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 USD 1.70 billion, below the analysts' average forecast of USD 1.75 billion in a Reuters poll.