ArcelorMittal warns on operating profit, shares slump

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The leading global steelmaker ArcelorMittal warned that operating profits will slow further, in a statement on Tuesday, and its shares slumped by more than 4.0 percent in initial trading.

ArcelorMittal, by far the biggest producer of steel in the world, said that demand remained moderate even though there were differences in demand by region.

The group said it now expected its gross operating profit to be steady in the fourth quarter at 1.5-1.9 billion dollars (1.07-1.36 billion euros).

In the third quarter, the group reported an equivalent profit figure of 2.3 billion dollars, and that marked a fall from the figure for the previous quarter.

The price of the shares was being quoted at 23.90 euros to show a fall of 4.47 percent in initial trading.

© 2010 AFP

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