BRUSSELS, May 7 (Reuters) - ArcelorMittal, the world's largest producer of steel, on Thursday cut its profit guidance for 2015 due to a more bearish view of the U.S. steel market and the impact of falling iron ore prices on its mining business.
The company, which produces 6 to 7 percent of the world's steel, said it expected its 2015 core profit to come in between $6 billion and $7 billion. It had previously set a range of $6.5 billion to $7 billion.
ArcelorMittal lowered its outlook for global steel consumption including inventory changes, saying consumption would now rise by between 0.5 and 1.5 percent in 2015, compared to a previous forecast of 1.5 and 2 percent.
The group became more pessimistic about market developments in all geographic areas except for Europe, where it kept its forecast unchanged.
Core profit (EBITDA) fell 21 percent in the first quarter to $1.38 million, below the $1.43 million expected in a Reuters poll of nine analysts.
(Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)