Brussels — ArcelorMittal warned of slower earnings this quarter, citing higher coal prices and lower US steel prices after the world’s largest steel producer missed core third-quarter profit expectations on Tuesday. ArcelorMittal shares, which have risen by about a quarter since September, were down about 4%. "We’re all surprised by the rapid and unexpected rise of coking coal," chief financial officer Aditya Mittal said. Mittal said coal prices had risen due to some US mines stopping operations and a cap on production imposed by the Chinese government as part of a shift to clean power. Prices for Australian premium hard coking coal have surged to $250 per tonne from about $75 in February. Core earnings before interest, taxes, depreciation and amortisation for the third quarter rose 40% to $1.9bn but missed the $1.97bn expected by 11 analysts polled by Reuters. Mittal has forecast a fall in core profit in 2016 to more than $4.5bn from $5.2bn in 2015. ArcelorMittal increased its fore...
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