UPDATE 3-Anglo American units lower earnings outlooks

(Corrects Friday's story to show companies profit fall forecasts were not bigger than previously flagged)

* Amplats earnings to fall by up to 55 percent

* Amplats trying to sell assets

* Anglo shares fall by more than 2.5 percent

By Ed Stoddard

JOHANNESBURG, Jan 23 (Reuters) - Two units of global mining group Anglo American (LSE: AAL.L - news) flagged sharp falls in their full-year earnings on Friday, underscoring the impact of labour unrest and falling prices.

Anglo's shares shed over 2.5 percent after the news from South African-based Anglo American Platinum and Kumba Iron Ore.

Anglo, which has lagged its peers for years, is already struggling and in December warned of a delay in reaching a return on capital target.

Its platinum unit Amplats said it expects full-year headline earnings to fall between 40 and 55 percent as it still counts the costs of a five-month strike. Amplats said in December headline earnings were likely to fall by at least 20 percent, without specifying the depth of any drop.

Headline earnings per share for 2014 are expected to be between 250 cents and 335 cents, the world's largest platinum producer said in a trading statement.

It lost 532,000 ounces as a result of the strike by the Association of Mine Workers and Construction Union which ended in June last year but had recovered faster than expected and resumed full production ahead of schedule.

Still, Amplats said its expected decrease in headline earnings was "primarily due to the impact of the five month industrial action which impacted on operational performance". It will publish annual results on Feb. 9.

The statement indicates that the ultimate costs of the sometimes violent strike were higher than it originally anticipated. Amplats shares fell almost 5 percent.

Amplats' struggle to deliver the margins expected by investors could complicate its plans to sell a number of its assets, including operations around the restive South African platinum belt town of Rustenburg.

Compounding the woes of producers, the strike had little impact on the price of platinum, which fell 12 percent in 2014.

But the rand currency sank 10 percent against the dollar over the same period, which is a relief for South African producers whose commodity is priced in U.S. dollars.

Kumba said that its headline earnings per share for 2014 were expected to fall by between 26 and 31 percent due to lower prices. The company said in November it expected full-year earnings to decline by at least 20 percent.

Spot iron ore prices almost halved last year, hurt by slower steel demand in China. (Editing by Keith Weir and Jason Neely)