Luxembourg-based ArcelorMittal, the world's largest steelmaker, has announced its financial results for the first half this year. ArcelorMittal has adjusted its assumption for iron ore prices to $105/mt, from the previous $120/mt, implying a second half average of $100/mt. Due to lower iron ore prices, the company now expects a full year EBITDA of $7 billion compared to the previous forecast of $8 billion.
In the first half, ArcelorMittal saw a net loss of $153 million, narrowing down from $1.12 billion in the first half of the previous year. During the given period, the company's sales increased by 1.36 percent year on year to $40.5 billion. Total steel shipments amounted to 42.4 million mt, rising by 2.4 percent year on year. In the given period, ArcelorMittal's EBITDA increased by 7.7 percent to $3.5 billion, compared to the first half of 2013.
ArcelorMittal's crude steel production amounted to 46.1 million mt in the first half, up 2.67 percent year on year, while its iron ore production increased by 11.7 percent to 31.4 million mt, compared to the first half of the previous year.
Meanwhile, ArcelorMittal's Flat Carbon Europe segment has reported an operating profit of €245 million for the second quarter of 2014, significantly increasing from the operating profit of €58 million in the first quarter of the year. The Flat Carbon Europe segment's steel shipments in the second quarter increased by 1.8 percent to 10.2 million mt, while its crude steel production remained flat at 10.9 million mt, both compared to the previous quarter.
