Steel Mills
May 11, 2014
ArcelorMittal Narrows Loss in Q1
Written by Sandy Williams
ArcelorMittal losses narrowed in the first quarter of 2014. The company posted a net loss of $200 million in the first quarter compared to $345 million in Q1 2013. First quarter EBITDA was $1.75 billion, an increase of 23 percent from Q1 2013. Sales of $19.8 billion were below Q4 and almost par with Q1 2013. Total steel shipments increased by 2.4 percent y/y worldwide, totaling 21 million tonnes. Total crude steel production was 23 million tonnes.
ArcelorMittal changed its reporting methods to reflect a geographic focus. As a result, US, Canada and Mexico flat, long, and tubular operations are combined as NAFTA results. NAFTA sales were down slightly from the previous quarter, at $4.9 billion compared to 4.99 billion.
