Luxembourg, November 7, 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 nine month periods ended September 30, 2014.

Highlights:
Health and safety performance improved in 3Q 2014 to an LTIF rate[2] of 0.78x
EBITDA[3] of $1.9 billion in 3Q 2014, an 11.2% improvement as compared to 3Q 2013 with notable improvements in Europe (+72.6%) and ACIS (+89.5%), offset by the negative impact of iron ore price on the Mining segment (-47.9%)
Steel shipments of 21.5 Mt in 3Q 2014, an increase of 3.9% as compared to 3Q 2013
3Q 2014 own iron ore production of 15.8 Mt, up 6% YoY; 10.0 Mt shipped and reported at market prices[4], up 6.3% YoY
Net debt[5] of $17.8 billion as of September 30, 2014 as compared to $17.4 billion as of June 30, 2014 due largely to working capital investment of $0.6 billion and dividends of $0.4 billion, partially offset by forex effects ($0.5 billion)

Key developments:
Continued progress on ACIS turnaround evident through improved Kazakhstan and Ukraine performance
ArcelorMittal Tubarão blast furnace No.3 restarted July 2014
Sale of Gallatin 50/50 joint venture in US to Nucor completed for $770 million[6]; proceeds received in October 2014
Mining: Liberia phase 1 expected production and shipment of 5Mt in 2014 unaffected by Ebola epidemic. Phase 2 currently progressing at a slower pace due to contractors declaring force majeure

Outlook and guidance framework:
Operating conditions remain generally favorable. The impact of declining iron ore price on Mining segment profitability is being offset by improvement in the steel business. The Company reiterates its guidance for EBITDA in excess of $7.0 billion in 2014
Net interest expense is now expected to be approximately $1.5 billion for 2014
Capital expenditure is now expected to be approximately $3.8 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
3Q 14 2Q 14 3Q 13 9M 14 9M13
Sales 20,067 20,704 19,643 60,559 59,592
EBITDA 1,905 1,763 1,713 5,422 4,978
Operating income 959 832 477 2,465 1,233
Net income / (loss) attributable to equity holders of the parent
22 52 (193) (131) (1,318)
Basic income / (loss) per share (USD) 0.01 0.03 (0.12) (0.08) (0.77)
Own iron ore production (Mt) 15.8 16.6 14.9 47.2 43.0
Iron ore shipped at market price (Mt) 10.0 10.5 9.4 29.9 24.9
Crude steel production (Mt) 23.9 23.1 23.3 70.0 68.2
Steel shipments (Mt) 21.5 21.5 20.7 63.9 62.1
EBITDA/tonne (USD/t)[7] 89 82 83 85 80

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

"This quarter’s results show the considerable improvement in our steel business which has more than offset the fall in the iron ore price. Europe has delivered another strong quarter, reflecting improved market conditions and the benefits of the optimisation efforts, the turnaround in ACIS is evident, and the NAFTA business has recovered after a disappointing first half. Based on today’s market conditions, I do not foresee a deterioration in our performance in the fourth quarter. As a result we are well placed to achieve full year EBITDA in excess of $7.0 billion.



ArcelorMittal Europe reports €125m operating profit for Q3 2014


Luxembourg, 7 November 2014 - ArcelorMittal Europe today announced its results for the third quarter of 2014.

The segment recorded an operating profit of €125m, compared with operating loss of €139m for Q3 2013.

This marks the third successive quarter ArcelorMittal has reported a profit in Europe, following six successive quarters of losses as a result of the impact of the global financial crisis and the severe downturn in demand for steel in Europe.

As a result of the seasonal slowdown and the impact of a weaker Euro, third quarter 2014 Ebitda decreased by 21.7%, to €394m compared with €503m in the previous three months, However Q3 Ebitda was 72.8% higher than in the same quarter last year (€228m) reflecting the improved market conditions, lower costs and the resulting improved steel margins.

Steel shipments in Q3 2014 were 9.8 million tonnes, a decrease of 3.6% compared with the previous quarter, while year-on-year shipments for this quarter rose 6.2% from 9.3 million tonnes. This year-on-year improvement during the seasonally slower quarter highlights the underlying improvement in ArcelorMittal Europe’s performance in 2014.

Sales in the ArcelorMittal Europe segment also decreased by 4.6% to €7.3bn this quarter, compared with €7.7bn in the second quarter. This was primarily due to lower steel shipment volumes, and lower average selling prices.

Commenting, Aditya Mittal, CEO ArcelorMittal Europe, said:

“We are continuing to see an improvement in the results for ArcelorMittal Europe, due to benefits of cost optimisation measures and an improvement in steel market conditions. Demand in Europe has remained robust during the seasonally weaker summer period, which is evident in today's figures that show a 72.8% year-on-year improvement in Ebitda for the third quarter. We are maintaining our steel demand growth forecast of 3-3.5%, for Europe, for 2014”.


Eurozone GDP growth for the third quarter is unlikely to improve on the growth seen in the second quarter of this year, but we expect European Central Bank policy stimulus and a weaker Euro to support a gradual pickup in 2015.

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http://corporate.arcelormittal.com/news-and-media/press-releases/2014/nov/07-11-2014a