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ArcelorMittal Is Latest Victim of China's Steel-Export Glut

  • Full-year Ebitda forecast reduced to $5.2 billion-$5.4 billion
  • Third-quarter profit declines 29% from a year earlier
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ArcelorMittal is taking the latest knock from record Chinese steel exports hurting producers across the globe.

The world’s biggest steelmaker on Friday cut its full-year profit target and suspended its dividend, putting the blame on the flood of cheap steel from China’s loss-making mills. The market is being overwhelmed with material coming from the nation’s state-owned and state-supported producers, a collection of industry associations said Thursday.