World's largest steelmaker ArcelorMittal cuts demand forecast for key markets

[BRUSSELS] ArcelorMittal, the world's largest steelmaker, cut its forecast for demand in its key markets on Thursday and said it was facing the twin challenges of lower steel prices and a high level of imports into Europe.

The Luxembourg-based company, which makes around 6 per cent of the world's steel, reported a first-quarter core profit (Ebitda) of US$1.65 billion, a 34 per cent decline from the same time last year and below the company-compiled consensus of US$1.68 billion.

REUTERS