Reportedly, global steel giant ArcelorMittal cuts its 2013 core profit guidance this Thursday on weaker demand and lower raw material prices. According to ArcelorMittal that the group's earnings before interest, tax, depreciation and amortization (EBITDA) in 2013 would be more than US$6.5 billion, lower than previously forecasted of beating US$7.1 billion reported in 2012. Meanwhile, its second quarter EBITDA, or core profiling by 33.5% to US$1.7 billion versus the same period of last year. The US$500-billion-revenue steelmaker, as a gauge of the global economy, has been hit hard by a slump of demand from the Eurozone crisis and slowing growth of economy in China. However, the company foresees steel shipments to be rising by 1%-2% this year, driven by the expected growth of 3% from 2012 in global demand except for Europe. ArcelorMittal sold around 45% of its steel production in Europe in 2012.
