By Alex MacDonald
LONDON--ArcelorMittal, the world's largest steelmaker by output,
reaffirmed its full-year profit guidance, driven by steel demand
turnaround in its key markets of North America and Europe.
The Luxembourg-based company reaffirmed that it plans to
increase its earnings before interest, taxes, depreciation and
amortization or Ebitda per ton to $150 a ton in the medium term
compared with $82/ton last year. It also reaffirmed that it expects
global steel demand to grow 3.5% to 4% this year.
"The leading indicators for our business have now been in
positive territory since mid-2013. With around two thirds of our
deliveries to the developed markets and an expected turnaround in
EU and NAFTA demand in 2014, there is a foundation for growth this
year as well as positive momentum into next year," Chief Executive
Lakshmi Mittal said in a statement.
He also reaffirmed the company's medium-term net debt target of
$15 billion and management gains of $3 billion between 2013 and
2015, of which $1.1 billion was achieved by the end of 2013.
Write to Alex MacDonald at alex.macdonald@wsj.com
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