ArcelorMittal core profit rises 23% to $1.91B

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

ArcelorMittal's (MT) Q4 EBITDA climbed 23% to $1.91B, topping analyst forecasts of $1.8B, as revenue increased 2.8% to $19.85B.

Profits were boosted by a 4.4% rise in steel shipments to 21M tons, a 56% increase in marketable iron-ore shipments, cost savings and asset restructuring.

ArcelorMittal's net loss narrowed to $1.23B from $3.81B a year earlier, partly due to a drop in one-off charges to $1.3B from $4B.

Net debt at the end of last year was $16.1B, down $5.7B during 2013.

The company is cautiously optimistic about its prospects, and forecasts that 2014 EBITDA will increase to $8B from $6.89B in 2013. Consensus is for $8.1B.

ArcelorMittal also expects global steel consumption to rise 3.5-4% this year vs +3.5% last year. (PR)