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 US 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 per cent in 2014. It said a recovery in European manufacturing seen in the second half of 2013 should continue and consumption will rise 2 per cent in 2014. It sees U.S. consumption up 4 per cent in 2014. Both declined last year.
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 per cent to $19.8 billion.