The world’s number one steelmaker ArcelorMittal has brushed aside its own profits warning and maintained its earnings forecast for this year on Friday.
It says deep cost-cutting in Europe is keeping the bottom line on track, and shares jumped by over seven percent after it posted a smaller than expected fall in Q1 profit.
Mining will help earnings in 2013 despite steel demand being down, especially in Europe, which is nearly 30% off its 2007 peak. Its Canadian iron ore operation is expected to boost shipments by 20% this year, but final earnings will depend on prices staying similar to 2012’s.
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