Highlights:

• Health and safety: LTIF rate of 0.88x in 1Q 2015 as compared to 0.89x in 4Q 2014
• EBITDA of $1.4 billion in 1Q 2015 (including $0.1 billion onerous contract provision), versus $1.8 billion in 1Q 2014
• Despite significant forex headwinds, 1Q 2015 underlying steel-only EBITDA stable versus 1Q 2014  
• Net loss of $0.7 billion in 1Q 2015 (primarily forex driven) as compared to a net loss of $0.2 billion in 1Q 2014
• Steel shipments of 21.6Mt, an increase of 3% as compared to 21Mt in 1Q 2014
• 15.6 Mt own iron ore production, an increase of 5% as compared to 14.8 Mt in 1Q 2014; 9.4 Mt shipped and reported at market prices as compared to 9.3 Mt in 1Q 2014
• Iron ore unit cash costs down 13% YoY; FY 2015 cost reduction target increased to 15% (from 10%  previously)
• Net debt of $16.6 billion as of March 31, 2015 as compared to $18.5 billion at March 31, 2014

Outlook and guidance:

• Whilst steel markets have evolved largely as per expectations, the subsequent deterioration of iron ore prices as well as a weaker U.S. market results in a headwind to guidance. Although the Company expects to benefit from further improvement in costs, both in mining and steel segments (including lower raw material costs), the Company now expects 2015 EBITDA within the range of $6.0 - $7.0 billion
• Due to the benefits of foreign exchange as well as the postponement of some investment projects the Company has further reduced the FY 2015 capital expenditure budget to approximately $3.0 billion
• The Company continues to expect positive free cash flow in 2015 and to achieve progress towards the medium term net debt target of $15 billion
• The Company expects net interest expense of approximately $1.4 billion in 2015

Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO, said:

“We faced a number of headwinds in the first quarter, including a declining iron-ore price, a stronger dollar and surge of imports in the United States.  As a result of which EBITDA declined to US$1.4 billion, although the underlying performance of our steel business remained similar to the first quarter of 2014.  The performance in Europe was of particular note, with EBITDA improving 15% year-on-year.  Off-setting the impact of these headwinds is a priority and we are focused on achieving a 15% reduction in mining costs and improving the competitive position of our US operations.  Importantly, we still expect to remain free cash flow positive and further reduce net debt over the course of the year.”

For the full report, visit http://corporate.arcelormittal.com.