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ArcelorMittal Cuts 2015 Profit Target Amid China Steel Glut

  • Full-year Ebitda forecast reduced to $5.2 billion-$5.4 billion

ArcelorMittal cut its full-year profit target and suspended its dividend as record Chinese exports roil the global steel industry.

The world’s largest steelmaker reduced its full-year Ebitda forecast to $5.2 billion to $5.4 billion from an earlier target of $6 billion to $7 billion. The company reported a 29 percent drop in third-quarter profit.

“The already challenging operating conditions have further deteriorated during recent months, largely due to additional declines in steel prices caused by exceptionally low Chinese export prices,” Chief Executive Officer Lakshmi Mittal said in a statement Friday. “Our focus is on ensuring we take all the necessary steps to strengthen our competitiveness in this difficult environment.”

While demand for steel in the company’s biggest markets...