UPDATE 2-ArcelorMittal says buoyant steel offsetting weak mining

viernes 7 de noviembre de 2014 04:19 GYT
 

* Q3 core profit (EBITDA) $1.91 bln vs Reuters poll $1.82 bln

* Keeps 2014 forecast for core profit in excess of $7 bln

* Cuts 2014 global steel forecast, sees U.S. sharply higher (Adds steel consumption forecasts, iron ore price details)

By Philip Blenkinsop

BRUSSELS, Nov 7 (Reuters) - ArcelorMittal SA, the world's largest steelmaker, reported a higher than expected profit in the third quarter and said improvements in its U.S. and European steel businesses are more than offsetting weak mining operations.

The company, which makes about 6 percent of the world's steel and is one of the world's largest iron ore producers, cut its estimate for global steel consumption because of a slowdown in China and heavy declines in Brazil and former Soviet states.

Importantly, however, it made a sharp upward revision on its overall market estimate for U.S. consumption while that for Europe was left little changed. The two regions account for about two thirds of ArcelorMittal's steel shipments.

Chief Executive Lakshmi Mittal said that the company had fared well in the third quarter in Europe and was seeing a strong North American recovery and a turnaround in its operations grouping Africa and the former Soviet states, the latter benefiting from weaker local currencies and exports to the Middle East and North Africa.

"Based on today's market conditions, I do not foresee a deterioration in our performance in the fourth quarter," Mittal said in a statement, repeating the company's 2014 forecast of core profit (EBITDA) above $7 billion.   Continuación...