Highlights:

• Health and safety performance improved in 2013 with an annual LTIF rate of 0.8x as compared to 1.0x in 2012
• FY 2013 EBITDA of US$6.9 billion, a 10.7% improvement versus FY 2012 on an underlying basis
• 4Q 2013 EBITDA of US$1.9 billion
• FY 2013 net loss of US$2.5 billion (including exceptional items totaling US$1.5 billion)
• 4Q 2013 net loss of US$1.2 billion (including exceptional items totaling US$1.3 billion)
• Free cash flow positive in FY 2013; US$4.3 billion of cash flow from operations and capex of US$3.5 billion
• Net debt at yearend of US$16.1 billion, a decrease of  US$5.7 billion during 2013
• Pension/OPEB net obligations decreased by US$2.6 billion during 2013
• FY 2013 steel shipments of 84.3Mt (+0.6% YoY); 4Q 2013 steel shipments of 20.9Mt up (+4.4%) vs. 4Q 2012
• FY 2013 iron ore shipments of 59.7Mt (+9.6% YoY), of which 35.1Mt shipped at market prices (+22% YoY)
• US$1.1 billion in annualized management gains achieved during 2013, in line with plan to achieve US$3 billion of cost improvement by the end of 2015
• Dividend maintained at US$0.20/share, subject to shareholders’ approval

Key developments:

• ArcelorMittal and Nippon Steel & Sumitomo JV have agreed to acquire 100% of ThyssenKrupp Steel USA for US$1.55 billion
• The ramp-up of expanded capacity at AMMC completed with run-rate of 24 million metric tons achieved by year-end 2013; Phase II expansion of Liberia from 4 million metric tons per annum direct shipped ore (DSO) to 15 million metric tons per annum concentrate ongoing, with first concentrate production targeted by end of 2015

Outlook and guidance framework:

• Based on its guidance framework, the company anticipates 2014 EBITDA of approximately US$8 billion, assuming:
  a) Steel shipments increase by approximately 3% in 2014 as compared to 2013
  b) Marketable iron ore shipments increase by approximately 15%
  c) The average iron ore price is in line with the market consensus (approximately US$120/t for 62% Fe CFR China)
  d) A moderate improvement in steel margins          
• Net interest expense is expected to be approximately US$1.6 billion for 2014
• Capital expenditure is expected to be approximately US$3.8-4.0 billion for  2014
• The company maintains its medium term net debt target at US$15 billion

 Financial highlights (US$):  

(US$ millions) unless otherwise shown	Quarterly comparison			Semi-annual comparison			Annual comparison
	4Q 13	3Q 13	4Q 12[	2H 13	1H 13	2H 12	12M 13	12M 122
Sales	19,848	19,643	19,309	39,491	39,949	39,032	79,440	84,213
EBITDA	1,910	1,713	1,557	3,623	3,265	3,002	6,888	7,679
Operating income / (loss)	(36)	477	(4,711)	441	756	(4,656)	1,197	(2,645)
Net (loss)	(1,227)	(193)	(3,808)	(1,420)	(1,125)	(4,460)	(2,545)	(3,352)
Basic (loss) per share (USD)	(0.69)	(0.12)	(2.47)	(0.81)	(0.65)	(2.89)	(1.46)	(2.17)
Own iron ore production (metric tons)	15.4	14.9	14.0	30.3	28.1	28.3	58.4	55.9
Iron ore shipments at market price (metric tons)	10.3	9.4	6.6	19.7	15.5	13.8	35.1	28.8
Crude steel production (metric tons)	23.0	23.3	20.8	46.3	44.9	42.7	91.2	88.2
Steel shipments (metric tons)	20.9	21.1	20.0	42.0	42.3	39.9	84.3	83.8
EBITDA/tonne (USD/t)[12]	91	81	78	86	77	75	82	92

 
Commenting, Lakshmi N. Mittal, ArcelorMittal chairman and CEO, said: “The measures we have implemented to strengthen the business continue to yield positive results. In 2013 we delivered a 11% underlying increase in EBITDA, positive free cash flow and ended the year with net debt at the lowest level since the creation of ArcelorMittal in 2006.  The improvement in the overall economic situation led us to re-start some selected steel growth projects. In addition, we have expanded our ability to serve the growing NAFTA automotive and energy steel markets through our agreement to acquire ThyssenKrupp’s rolling mill in Calvert, Ala. We are cautiously optimistic about the outlook for 2014 and expect EBITDA for the full year to improve to approximately US$8.0 billion.”