ArcelorMittal Europe reports €245m operating profit for Q2 2014
01 August 2014 - 3:01PM
1 August 2014 - ArcelorMittal Europe today announced its results
for the second quarter of 2014.
The segment recorded an operating profit of €245
million for the Q2 2014. This compares with an operating profit of
€58 million in Q1 2014 and an operating loss of €143 million for Q2
2013, when results were impacted by restructuring and impairment
charges totalling €125m. There were no such impairment or
restructuring charges in Q2 2014.
Ebitda for the second quarter of 2014 also rose,
by 29%, to €503m, compared with €390m in the first quarter of this
year. This improvement has been mainly driven by higher shipments
and cost optimisation efforts.
ArcelorMittal Europe crude steel production
remained flat at 10.9 million tonnes, the same as in Q1 2014.
Steel shipments in Q2 2014 were 10.2 million
tonnes, an increase of 1.8% compared with the previous quarter.
Flat product shipment volumes increased by 0.7% and long product
shipment volumes increased by 4.2%, both benefitting from higher,
seasonal demand and improved underlying demand.
Sales in the ArcelorMittal Europe segment also
increased by 1.7% to €7.7bn, compared with €7.5bn in the first
quarter. This was primarily due to higher steel shipments, offset
in part by lower average steel selling prices.
Commenting, Aditya Mittal, CEO
ArcelorMittal Europe, said:
"Today's results show the second
consecutive quarter of improvements in ArcelorMittal Europe,
underpinned by the benefits of cost optimisation and improved
volumes. Growth in Europe remains uneven but with manufacturing
output in the key steel demand sectors continuing to grow at a
moderate pace, we have upgraded our growth forecast to 3-4%, up
from 2-3%".
GDP growth for the Eurozone has been weaker in Q2
than at the beginning of the year, but is expected to pick up in
the second half of 2014.
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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press@arcelormittal.com |
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+44 20 7629 7988 |
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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 |
+ 44 20 7379 5151 |
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France |
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Sylvie Dumaine / Anne-Charlotte Creach |
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Apparent steel
consumption
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ArcelorMittal S.A. via Globenewswire
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