Luxembourg - ArcelorMittal’s second-quarter profit fell 21 percent as iron-ore prices slumped and Chinese steel exports rose.
Earnings before interest, taxes, depreciation and amortisation (ebitda) declined to $1.4 billion from $1.76 billion a year earlier, the world’s largest steelmaker said Friday in a statement.
The result beat the $1.34 billion average of 12 analyst estimates compiled by Bloomberg.
The company, based in Luxembourg, maintained its full-year ebitda forecast of $6 billion to $7 billion.
ArcelorMittal is fighting to sustain profit on two fronts as prices for iron-ore it mines fell to the lowest in at least six years and record Chinese steel exports pushed prices for the metal lower.
The company previously reduced its 2015 profit guidance in May.
Bloomberg