ArcelorMittal is posting the biggest drop in the growing French stock index CAC 40, driven by the pessimistic forecasts of the American United States Steel (US Steel), which is falling in the stock market in New York.
The US steelmaker expects an adjusted loss of 35 cents a share in the three months to end September versus an analyst-sounded 6 cents a share.
The third largest American steelmaker published its forecast, which stated that the situation in Europe is even worse than in the United States. European steelmakers are faced with growing imports of cheap steel, redirected from the US market, closed by duties. United States Steel shares in New York fell by almost 10% this morning.
By 12-00 ArcelorMittal shares lost 4.8%, falling to 14.20 euros, as a result of which losses since the beginning of the year amounted to more than 22%.
