ArcelorMittal says more upbeat on steel market, including China

BRUSSELS: ArcelorMittal, the world's largest producer of steel, said it was more positive about the steel market, with a modest improvement in the outlook for China, though it kept its own forecast for 2016 earnings unchanged.

While ArcelorMittal has no major exposure to China, the world's largest producer and consumer of steel is an important gauge for the global economy with increased exports from a weakened Chinese market hitting steel prices elsewhere.

ArcelorMittal said it expected global apparent steel consumption to rise by between zero and 0.5 percent this year compared to last.

In China, it raised its forecast to a decline of between zero and 1 percent from a previous drop of 0.5 to 1.5 percent.

For the group as a whole, core profit (EBITDA) fell by about a third in the first quarter to $927 million, just above the $919 million expected in a Reuters poll of 11 analysts.

ArcelorMittal repeated its 2016 guidance for core profit to be above $4.5 billion.