Highlights:

• Health and safety: LTIF rate of 0.85x in 1Q 2014 as compared to 0.93x in 1Q 2013
• EBITDA of US$1.8 billion in 1Q 2014, a 23% improvement as compared to 1Q 2013 on an underlying basis; EBITDA/t increased in all steel segments with the exception of NAFTA which was negatively impacted by extreme weather
• Net loss of US$0.2 billion in 1Q 2014 as compared to a net loss of US$0.3 billion in 1Q 2013
• Steel shipments of 21.0 million metric tons, an increase of 2.4% as compared to 1Q 2013
• 14.8 million metric tons own iron ore production as compared to 13.1 million metric tons in 1Q 2013; 9.3 million metric tons shipped and reported at market prices as compared to 7.3 million metric tons in 1Q 2013
• Net debt of US$18.5 billion as of 31 March 2014 an increase of US$2.4 billion during the quarter due to investment in working capital and other payables (US$1.3 billion), the early redemption of perpetual securities (US$0.7 billion), M&A (US$0.2 billion) and foreign exchange (US$0.1 billion)

Key developments:

• AM/NS Calvert: In partnership with Nippon Steel & Sumitomo Metal Corporation, the acquisition of ThyssenKrupp Steel USA, a steel processing plant in Calvert, Alabama, was completed on Feb 26, 2014 for a purchase price of US$1.55 billion
• Mining: opportunity to stretch iron ore production capacity from current target of 84 million metric tons by end 2015 to 95 million metric tons has been identified, due to additional 5 million metric tonspa potential at Liberia and additional 6 million metric tons per annum potential at ArcelorMittal Mines Canada

Outlook and guidance framework:

• Based on its guidance framework, the Company continues to anticipate 2014 EBITDA of approximately US$8.0 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 iron ore price averages 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 (on the basis of IFRS):  

(US$ million) unless otherwise shown	1Q 14	4Q 13	3Q 13	2Q 13	1Q 13
Sales	19,788	19,848	19,643	20,197	19,752
EBITDA	1,754	1,910	1,713	1,700	1,565
Operating income / (loss)	674	(36)	477	352	404
Net loss	(205)	(1,227)	(193)	(780)	(345)
Basic loss per share (US$)	(0.12)	(0.69)	(0.12)	(0.44)	(0.21)
Own iron ore production (million metric tons)	14.8	15.4	14.9	15.0	13.1
Iron ore shipments at market price (million metric tons)	9.3	10.3	9.4	8.2	7.3
Crude steel production (million metric tons)	23.0	23.0	23.3	22.5	22.4
Steel shipments (million metric tons)	21.0	20.5	20.7	20.9	20.5
EBITDA/metric ton (USUS$/t)	84	93	83	81	76

 
Commenting, Lakshmi N. Mittal, ArcelorMittal chairman and CEO, said: “Today’s figures continue to show the improved year-over-year performance of our business driven by recovering steel markets, the expansion of our mining operations, and the continued benefits of our focused cost optimization. The prospects for growth of our core markets in Europe and the U.S. are encouraging and overall we remain cautiously optimistic about the business outlook for the rest of 2014.”