Steelmaker ArcelorMittal sees sales up in 2014
February 7, 2014 8:22AM
AMSTERDAM — ArcelorMittal SA, the world’s largest steelmaker, says it expects shipments of steel and iron ore to rise in 2014 as recoveries in the U.S. and Europe will matter more than slowing growth in emerging markets.
While reporting fourth-quarter earnings, the company said it expects global steel consumption to grow 3.5 percent in 2014. It said a recovery in European manufacturing seen in the second half of 2013 should continue and consumption will rise 2 percent in 2014. It sees U.S. consumption up 4 percent in 2014. Both declined last year.
The company’s Indiana Harbor plant makes a variety of steel products used in the automotive and fastener industries.
For the fourth quarter, the company reported a net loss of $1.23 billion, from a $3.80 billion loss in the same period a year earlier, on impairment and restructuring charges in both years. Sales rose 2.6 percent to $19.8 billion.