ArcelorMittal SAs iron ore production increased to 15
million tonnes in the second quarter, up 4 percent from 14.4
million tonnes in the same period last year, thanks to higher
output at its Canadian and Liberian operations, the company
said Aug. 1.
However, iron ore
shipments remained unchanged at 8.2 million tonnes in the same
ArcelorMittal said underlying profitability in 2013 was still
expected to improve despite revising its earnings forecast for
the year downward to $6.5 million.
profitability will be driven by an approximate 20-percent
increase in marketable iron ore shipments, the company
Earnings during the
period dropped 33 percent on weak steel demand in the European
market and lower prices.
ramping up its Liberian iron ore operations to 15 million
tonnes per year after its board approved the $1.5-billion
expansion in March.
Canadian iron ore capacity expansion is now largely completed,
ArcelorMittal said, with output expected to increase to a run
rate of 24 million tonnes per year by the end of 2013.
A version of this
article was first published in AMM sister publication Steel