Moody’s Credit rating agency lowers the prospects of the creditworthiness of ArcelorMittal steel group from stable to negative. The agency points out the sharp drop in profitability of ArcelorMittal this year and the deterioration of the financial foundations of the Amsterdam-listed company.

The ArcelorMittal rating is maintained at Baa3. Moody’s points to the challenging market conditions in the steel sector, with weaker economic growth and, above all, a difficult state of affairs in the automotive industry. The agency believes that market conditions will pick up slightly next year.