ArcelorMittal warns on profit as ore price hits mining

ArcelorMittal SA (ISPA.AS), the world's largest steelmaker, cut its forecast for earnings this year after lower than anticipated iron ore prices ate into the profit of its mining business, sending its shares down some 6 percent. The "smart" estimate of Thomson Reuters's StarMine, which weights analyst's forecasts according to past performance, had been at $7.5 billion for the company. ArcelorMittal shares fell as much as 6.3 percent to 10.655 euros, a two-and-a-half week low, making them among the weakest members of the FTSEurofirst 300 index (.FTEU3) of leading European stocks. Chief Financial Officer Aditya Mittal told a conference call lower iron ore prices were the result of weaker than anticipated demand from China and increased supply this year.

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