ArcelorMittal's core profit jumps 19%

|About: ArcelorMittal (MT)|By:, SA News Editor

ArcelorMittal's (MT) EBITDA climbed 19% to $1.71B and beat consensus of $1.53B, boosted by a 1-2% rise in steel shipments, a 20% increase in iron ore shipments sold at market prices, and cost cuts.

Sales at the world's largest steel maker slipped to $19.64B from $19.72B but surpassed Street expectations of $19.84B.

Net losses from continuing operations narrowed to $193M from $652M a year earlier.

Losses per share were $0.12 vs $0.42 last year.

Operating income jumped to $477M from $55M.

Took charge of $101M related to a discontinued iron-ore project in Senegal.

Forecasts that global steel consumption will rise 3.5%, above a prior forecast of 3%.

"The bottom of the cycle is behind us," says CEO Lakshmi Mittal. "Although operating conditions remain challenging, as economic indicators are improving, we are cautiously optimistic about the prospects for 2014."

Projects full-year EBITDA of over $6.5B.

ArcelorMittal plans to reduce net debt to $17B from $17.8B by the end of Q4. (PR)