ArcelorMittal sets a course to increase production

ArcelorMittal, the world's largest steelmaker, expects higher profits this year. The company intends to achieve this through increased sales of steel products and a significant increase in production profitability. In addition, further increases in iron ore production are planned. There are also hopes that Europe has ended two years of protracted recession. ArcelorMittal expects to see “moderate” profits in 2014 due to lower raw material prices.

The company, which produces 6-7 percent of the world's total steel production, believes there is a broad track for a recovery in global production. With global steel consumption projected to grow by 3.5-4 percent in 2014, up from 3.5 percent last year, ArcelorMittal sees a wide field for its operations. The steel company predicts a slowdown in steel consumption growth in China, Brazil and the former Soviet Union, but is confident that the US market will expand by 4 percent and a modest improvement of 2 percent in the European Union.

CEO Lakshmi Mittal is cautiously optimistic about the company's 2014 outlook. ArcelorMittal expects to raise profits by 16 percent this year, relying on demand in the US and Europe. Chief Financial Officer Aditya Mittal said: "We started the year in a stronger position than in previous years. We see further growth in global steel consumption this year, with an increasing bias towards our key markets."