Umicore hits bottom of STOXX after guidance cut on slowing EV market
** Shares in Umicore UMI.BR fall 6.3% to the bottom of Europe's STOXX 600 .STOXX after the Belgian metal recycling group cut 2024 EBITDA guidance on slowing growth in the EV market
** It now expects adjusted EBITDA of 760-800 million euros ($816-859 million), vs 900-950 million previously
** "Customers' demand projections for Umicore's battery materials have steeply declined in recent weeks," it says in a statement, amid a sharp slowdown in EV demand
** Umicore expects 2024 volumes for its battery materials to be equal or slightly lower than last year
** "We had already lowered our estimates for Battery materials recently, but today's news shows that the impact is more severe than we feared," Degroof Petercam says
** KBC points to a "severe profit warning" on battery materials just a month after the group replaced its CEO, and says it will need to cut forecasts further and reassess its investment opinion
($1 = 0.9314 euros)
Reporting by Federica Mileo in Gdansk
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