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ArcelorMittal confident for 2013 earnings


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ArcelorMittal confident for 2013 earnings

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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