Steelmaker ArcelorMittal sees US, Europe improving

AMSTERDAM (AP) — ArcelorMittal, the world’s largest steelmaker, says it swung to a profit in the second quarter on higher steel shipments and better margins, and it sees improving markets in the United States and Europe.

The Luxembourg-based company reported net profit of $52 million, from a loss of $205 million in the same period a year ago. Revenues rose 4.5 percent to $20.7 billion.

The company’s founder and CEO, Lakshmi Mittal, said in a statement Friday that iron ore prices were not as strong as hoped, and he cut operating profit forecasts to $7 billion from $8 billion.

However, Mittal says indicators in both Europe and the U.S., which account for two-thirds of the company’s business, “continue to be positive.”

“We have increased our steel demand forecasts for both markets,” he said.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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