ArcelorMittal Posts Profit of $52M in Q2

ArcelorMittal posted a profit of $52 million in the second quarter, following a string of quarterly losses that included a $205 million loss in Q1 2014 and a $780 million loss in Q2 2013. Steel shipments increased by 2.5 percent y/y to 21.5 million tonnes (23.7 million net tons). Net debt decreased to $17.4 billion at the end of June 30, 2014.

Results for the NAFTA segment were disappointing. Crude steel production fell 1.7 percent to 6.2 million tonnes in the Q2 due to planned and unplanned outages. Steel shipments increased by 3.2 percent y/y to 5.8 million tonnes (6.4 million net tons). Average selling prices for flat products increased by 1 percent and long products by 4.7 percent.