UPDATE: ArcelorMittal Posts Narrower Q1 Net Loss

ArcelorMittal (NYSE: MT) reported a narrower net loss in its first quarter. ArcelorMittal posted a quarterly net loss of $205 million, or $0.12 per share, versus a year-ago net loss of $345 million, or $0.21 per share.Its revenue climbed 0.2% to $19.79 billion, while earnings before interest, taxes, depreciation and amortization surged 12% to $1.75 billion. Analysts were expecting EBITDA of $1.75 billion. ArcelorMittal's steel shipments rose to 21 million tons, while crude steel production climbed to 23 million tons. The company's press release offered the following comment from Mr. Lakshmi N. Mittal, ArcelorMittal Chairman and CEO:"Today`s figures continue to show the improved year-over-year performance of our business driven by recovering steel markets, the expansion of our mining operations, and the continued benefits of our focused cost optimization. The prospects for growth of our core markets in Europe and the US are encouraging and overall we remain cautiously optimistic about the business outlook for the rest of 2014".ArcelorMittal continues to expect 2014 EBITDA of around $8.0 billion. ArcelorMittal shares gained 1.30% to close at $16.35 yesterday.