Luxembourg, August 1, 2014 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results[1] for the three and six month periods ended June 30, 2014.

Highlights:
Health and safety: LTIF rate[2] of 0.87x in 2Q 2014 as compared to 0.90x in 2Q 2013
EBITDA[3] of $1.8 billion (including a $0.1 billion US litigation charge[4] ) in 2Q 2014, a 9% improvement as compared to 2Q 2013 on an underlying basis[5] ; with notable improvements in Europe (EBITDA +41% vs. 2Q 2013) and ACIS (EBITDA +23% vs. 2Q 2013)
Net income of $0.1 billion in 2Q 2014 as compared to a net loss of $0.8 billion in 2Q 2013
Steel shipments of 21.5Mt, an increase of 2.5% as compared to 2Q 2013
16.6 Mt own iron ore production as compared to 15.0 Mt in 2Q 2013; 10.5 Mt shipped and reported at market prices[6] as compared to 8.2 Mt in 2Q 2013
Net debt[7] of $17.4 billion as of June 30, 2014 a decrease of $1.1 billion during the quarter due to release of working capital ($0.9 billion) and M&A proceeds ($0.2 billion)[8]

Key developments:
Progress on ACIS turnaround evident in improved Kazakhstan and Ukraine performance
Franchise steel business development: Cold mill complex at VAMA advanced automotive steel plant in China has been inaugurated
Calvert plant currently running at 83% utilization; ArcelorMittal Tubarão blast furnace No.3 restarted in July 2014
Agreement signed with BHP Billiton to acquire its stake in the Mount Nimba iron ore project in Guinea

Outlook and guidance framework:
The previously announced 2014 guidance framework remains valid. The iron ore price has, however, been lower than anticipated and this underlying assumption has been adjusted to $105/t for the full year 2014 (from $120/t previously) implying a second-half average of $100/t. All other components of the framework remain unchanged
As a result, the Company now expects 2014 EBITDA in excess of $7.0 billion, assuming:
a) Steel shipments increase by approximately 3% in 2014 as compared to 2013
b) Marketable iron ore shipments increase by approximately 15% in 2014 as compared to 2013
c) The iron ore price averages approximately $105/t (for 62% Fe CFR China) during 2014
d) An improvement in steel margins despite the weather related impacts on NAFTA segment’s first-half performance
Net interest expense is expected to be approximately $1.6 billion for 2014
Capital expenditure is expected to be approximately $3.8-4.0 billion for 2014
The Company maintains its medium term net debt target of $15 billion

Financial highlights (on the basis of IFRS[1]):
(USDm) unless otherwise shown
2Q 14 1Q 14 2Q 13 1H 14 1H 13
Sales 20,704 19,788 20,197 40,492 39,949
EBITDA 1,763 1,754 1,700 3,517 3,265
Operating income 832 674 352 1,506 756
Net income / (loss) attributable to equity holders of the parent
52 (205) (780) (153) (1,125)
Basic income / (loss) per share (USD) 0.03 (0.12) (0.44) (0.09) (0.65)
Own iron ore production (Mt) 16.6 14.8 15.0 31.4 28.1
Iron ore shipments at market price (Mt) 10.5 9.3 8.2 19.8 15.5
Crude steel production (Mt) 23.1 23.0 22.5 46.1 44.9
Steel shipments (Mt) 21.5 21.0 20.9 42.4 41.4
EBITDA/tonne (USD/t)[9] 82 84 81 83 79

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

“The second quarter and first half results reflect the anticipated improvement in steel shipments and margins, supporting an underlying EBITDA improvement compared with last year. The expansion of our iron ore business is also on track, although increased iron ore shipments were offset by the lower than anticipated iron ore price, which has led us to revise our EBITDA guidance for the full year.

Looking ahead, indicators in both Europe and the US, which together account for two thirds of our shipments, continue to be positive and we have increased our steel demand forecasts for both markets. ArcelorMittal continues to focus on delivering on its strategy of reducing costs, investing in our franchise businesses and reducing net debt.”
tijd 09.00
De AEX 403.54 -0,75 -0,19% Arcelor EUR 10,94 -42ct vol. 784.000