Boston, MA 02/10/2014 (wallstreetpr) – ArcelorMittal (ADR) (NYSE:MT) has been suffering over the past few years as the economic recession hit hard the construction industry greatly affecting the demand for steel also resulting in the decline in steel prices a business that forms a key part of its revenue collection. This seems to have changed with the posting of its Q4 results. The economic turnaround in most countries has essentially impacted positively the demand for steel thereby greatly affecting the prices such that ArcelorMittal has been able to make increased sales translating to increased revenues.
Q4 results
ArcelorMittal (ADR) (NYSE:MT) posted impressive results for its fourth quarter of F2013 which show a massive improvement in its earnings before interest taxes depreciation and amortization to clock in at an impressive $1.91 billion an increase of 23%. This was a massive improvement as it beat analyst consensus of $1.8 billion. The company at the back of improved sales of its steel deposits recorded improved revenues totaling $19.5 billion an increase of 2.8%.
ArcelorMittal (ADR) (NYSE:MT) profits were massively boosted by the increase in steel shipments which improved by 4.4%. The steel magnet also recorded a 56% increase in marketable iron shipments that should have had a positive impact on total revenue collected. Cost saving strategies and asset restructuring also had a positive impact on the impressive Q4 results.
The company prospects for the year remain high with the company forecasting EBITDA totaling $8 billion from $6.9 billion recorded in F2013 full year. The forecast is slightly below consensus estimates of $8.1 billion. There is a high expectation from the company management that global steel consumption for the year will raise to ranges of 3.5%-4%.
ArcelorMittal (ADR) (NYSE:MT) closed the week on Friday trading session at a price of $17.17 a share and increase of +0.22 or an improvement of 1.29% compared to Thursday trading session.
