Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first half of the current year. Based on the current economic outlook, the company expects global apparent steel consumption to be flat in 2015 as compared to 2014. ArcelorMittal expects the pick-up in European manufacturing activity to continue and support the apparent steel consumption growth of approximately 1.5 percent to 2.5 percent in 2015. In the US, the apparent steel consumption is expected to decline by three to four percent in 2015.
During the first half of the year, ArcelorMittal posted a net loss of $549 million, compared to a net loss of $153 million in the same period of the previous year. The company’s sales revenues decreased by 16 percent year on year to $34 billion, while the steel shipments increased by 3.3 percent to 43.8 million mt, compared to the first half of the previous year. ArcelorMittal registered an EBITDA of $2.77 billion, down 21 percent year on year.
ArcelorMittal's crude steel production amounted to 47.8 million mt in the first half, up 3.7 percent year on year, while its iron ore production increased by 1.6 percent year on year to 31.9 million mt.
Meanwhile, ArcelorMittal's Flat Carbon Europe segment has reported an operating profit of €352 million for the second quarter this year, rising by 43.6 percent year on year. The Flat Carbon Europe segment's steel shipments in the second quarter increased by 6.9 percent year on year to 10.9 million mt.