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ArcelorMittal cuts steel demand outlook on weak Europe

BRUSSELS, Aug 1 (Reuters) - ArcelorMittal, the world's largest steelmaker, on Thursday revised down its forecast for global steel demand, with a sharper reduction now envisaged in Europe due to a lean automotive market.

The company also reported a second-quarter core profit (EBITDA) of $1.56 billion, slightly above its compiled consensus of $1.53 billion, but down from $1.65 billion in the first quarter and only about half its earnings of a year earlier. (Reporting by Philip Blenkinsop, Editing by Sherry Jacob-Phillips)