ArcelorMittal Europe reports €58m operating profit for Q1 2014
09 May 2014 - 3:01PM
9 May 2014 - ArcelorMittal Europe today announced
results for the first quarter of 2014.
The segment recorded an operating profit of €58
million for the first three months of 2014. This compares with an
operating loss of €396 million in Q4 2013. Comparable operating
performance for Q4 2013 was impacted by impairment and
restructuring charges totalling €302 million. There were no such
impairment or restructuring charges this quarter.
Ebitda for the quarter also rose, by 29% to €390
million, compared with €302 million in the fourth quarter of last
year. This improvement has been mainly driven by higher shipments
and a positive price cost effect.
ArcelorMittal Europe crude steel production
increased by 4.3% to 10.9 million tonnes, compared with Q4 2013,
following the restart of the blast furnace in Dabrowa Gornicza,
Poland, as maintenance work concluded.
Steel shipments in Q1 2014 were 10.0 million
tonnes, an increase of 5.6% compared with the previous quarter.
Flat product shipment volumes increased by 5.8% and long product
shipment volumes increased by 6.0%, both benefitting from
seasonality and improved underlying demand.
Sales in the ArcelorMittal Europe segment also
increased by 1.6% to €7.5 billion, compared with €7.4 billion in
the fourth quarter. This was primarily due to higher steel
shipments.
Commenting, Aditya Mittal, CEO
ArcelorMittal Europe, said:
"ArcelorMittal Europe's first
quarter results for 2014 show a combination of a gradually
improving economy and the results of measures the company has taken
to adapt to the new demand environment. As the pace of recovery in
the EU has been slightly stronger than expected when we announced
our full year results in February, we have upgraded our forecast
for European steel demand in 2014 from around 2%, to 2-3%, and
therefore remain cautiously optimistic about the outlook for the
rest of the year."
GDP growth for the Eurozone has been stronger in
Q1 than at the end of 2013. European steel demand remains
relatively healthy, underpinned by improving macroeconomic
indicators in the region.
Manufacturing PMI in Europe has been above 50 for
ten months and, together with even higher numbers for the Czech
Republic, Poland and the UK, suggests continued European
manufacturing growth this year.
In contrast the construction PMI continues to
disappoint, dropping to its lowest level in ten months at 46.2 in
March. While there are positive signals in Germany, Poland and the
UK, investment in new construction projects in other European
countries remains constrained in 2014. Nevertheless, positive
growth in demand for flat products is expected. Car registrations
in the Eurozone are rebounding and are up 8.6% in the first quarter
compared with the same period of 2013.
About
ArcelorMittal
ArcelorMittal is the world's
leading steel and mining company, with a presence in more than 60
countries and an industrial footprint in over 20 countries. Guided
by a philosophy to produce safe, sustainable steel, we are the
leading supplier of quality steel in the major global steel markets
including automotive, construction, household appliances and
packaging, with world-class research and development and
outstanding distribution networks.
Through our core values of
sustainability, quality and leadership, we operate responsibly with
respect to the health, safety and wellbeing of our employees,
contractors and the communities in which we operate.
For us, steel is the fabric of
life, as it is at the heart of the modern world from railways to
cars and washing machines. We are actively researching and
producing steel-based technologies and solutions that make many of
the products and components we use in our everyday lives more
energy-efficient.
We are one of the world's five
largest producers of iron ore and metallurgical coal and our mining
business is an essential part of our growth strategy. With a
geographically diversified portfolio of iron ore and coal
assets, we are strategically positioned to serve
our network of steel plants and the external global market. While
our steel operations are important customers, our supply to the
external market is increasing as we grow.
In 2013, ArcelorMittal had
revenues of $79.4 billion and crude steel production of 91.2
million tonnes, while own iron ore production reached 58.4 million
tonnes.
ArcelorMittal is listed on the
stock exchanges of New York (MT), Amsterdam (MT), Paris (MT),
Luxembourg (MT) and on the Spanish stock exchanges of Barcelona,
Bilbao, Madrid and Valencia (MTS).
For more information about
ArcelorMittal please visit:
http://corporate.arcelormittal.com/
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Contact information ArcelorMittal
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Contact information ArcelorMittal
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ArcelorMittal Corporate
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Sophie Evans (head of media relations) |
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Laura Nutt |
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Maitland Consultancy: |
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Martin Leeburn |
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France |
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Sylvie Dumaine / Anne-Charlotte Creach |
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ArcelorMittal Europe
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Source: ArcelorMittal S.A. via Globenewswire
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