Luxembourg-based
ArcelorMittal, the world's largest steelmaker, has announced its financial results for 2014. "Stronger steel demand, particularly in our core markets of Europe and the US, drove an 8.5 percent improvement in 2014 EBITDA, despite the lower iron ore price. The business benefited from a three percent increase in steel shipments, an increase in marketable iron ore shipments, and the result of cost optimization and restructuring efforts," said
ArcelorMittal CEO Lakshmi Mittal. For 2015,
ArcelorMittal has announced a cut in earnings guidance, expecting EBITDA to be within the range of $6.5 billion to $7 billion.
In 2014,
ArcelorMittal registered a net loss of $1.1 billion, down from a net loss of $2.54 billion in the previous year. During the given year, the company's sales slightly decreased by 0.2 percent year on year to $79.3 billion, primarily due to lower average steel selling prices, down three percent, and lower seaborne iron ore reference prices down 28.4 percent, offset in part by higher steel shipments, up three percent, and marketable iron ore shipments, rising by 13.2 percent, year on year. Total steel shipments amounted to 85.1 million mt in 2014, rising by three percent year on year. In the given year,
ArcelorMittal's EBITDA increased by five percent to $7.23 billion, compared to 2013.
ArcelorMittal's crude steel production amounted to 93.1 million mt in 2014, up 2.08 percent year on year, while its iron ore production increased by 9.4 percent year on year to 63.9 million mt.
Meanwhile,
ArcelorMittal's Flat Carbon Europe segment has reported an operating profit of €122 million for the fourth quarter of 2014, compared to an operating loss of €396 million in the fourth quarter of the previous year. The Flat Carbon Europe segment's steel shipments in the fourth quarter of 2014 declined by 2.2 percent year on year to 9.6 million mt.