ArcelorMittal Projects Lower 2015 Core Profit

reported a net loss for the fourth quarter. The company also said it expects a decline in its profit in 2015. ArcelorMittal recorded a quarterly net loss of $955 million, or $0.53 loss per share, compared to a year-ago net loss of $1.2 billion, or $0.69 loss per share. Its sales slipped to $18.7 billion from $19.8 billion. The company's EBITDA in the quarter slipped to $1.82 billion from $1.91 billion. In the fourth quarter, its core profit from mining business shrank to $232 million, versus $582 million, in the year-ago period. Steel shipments in the quarter climbed 3.4% y/y, while iron ore shipments declined 1.4%. ArcelorMittal posted FY14 net loss of $1.1 billion, versus a net loss of $2.5 billion in FY13. Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO said, "For 2015, although operating conditions remain tough we expect steel markets to continue to improve, particularly for high value-added products such as automotive, where ArcelorMittal is a world leader." For 2015, ArcelorMittal projects a core profit of $6.5 billion to $7.0 billion, compared to $7.2 billion in 2014. Analysts expected a core profit of $7.4 billion for the same year. ArcelorMittal projects global steel consumption to grow 1.5% to 2% in 2015, versus around 2.5% growth last year. ArcelorMittal shares gained 1.24% to $10.59 in pre-market trading.