UPDATE 3-ArcelorMittal lowers forecast for global steel demand

viernes 9 de mayo de 2014 06:43 GYT
 

* Q1 core profit $1.75 bln, in line with forecasts

* Keeps 2014 forecast for core profit (EBITDA) of $8 bln

* Sees global steel demand up 3-3.5 pct (from 3.5-4 pct before)

* Shares down 2.5 pct (Adds CFO, shares, analyst view, more on market outlook)

By Philip Blenkinsop

BRUSSELS, May 9 (Reuters) - ArcelorMittal, the world's largest steelmaker, trimmed its forecast for global steel demand on Friday due to a sharper Chinese slowdown and weakness in Russia, though it expressed optimism about its core European and U.S. markets.

The company, which makes about 6 percent of world steel and is a broad gauge for the health of global manufacturing, said apparent steel consumption - which includes inventory changes - should increase by between 3.0 and 3.5 percent in 2014.

That compared with its previous forecast, given in February, for growth of between 3.5 and 4 percent and last year's 3.5 percent expansion.

ArcelorMittal itself, which sells about 85 percent of its steel in Europe and the Americas, retained its own forecast that it would report a core profit of about $8.0 billion in 2014, up from $6.9 billion in 2013.   Continuación...