The world's largest steelmaker, ArcelorMittal, has cut its 2013 profit guidance due to weaker than estimated steel demand in Europe and U.S. The company expects steel consumption in the United States to remain flat or rise by 1% at most in 2013 while the European market could shrink by 1.5 to 2.5%. Previously, it had seen US growth between 2 and 3% and European consumption falling between 0.5 and 1.5%.
Overall, the group sees steel shipments rising between 1 and 2% in 2013, driven by a 3% rise of global steel consumption. The company believes Europe will be the only region where demand will fall.
