Highlights:

• Health and safety: LTIF rate of 0.85x in 1Q 2014 as compared to 0.93x in 1Q 2013
• EBITDA of $1.8 billion in 1Q 2014, a 23% improvement as compared to 1Q 2013 on an underlying basis; EBITDA/t increased in all steel segments with the exception of NAFTA which was negatively impacted by extreme weather
• Net loss of $0.2 billion in 1Q 2014 as compared to a net loss of $0.3 billion in 1Q 2013
• Steel shipments of 21.0Mt, an increase of 2.4% as compared to 1Q 2013
• 14.8 Mt own iron ore production as compared to 13.1 Mt in 1Q 2013; 9.3 Mt shipped and reported at market prices as compared to 7.3 Mt in 1Q 2013
• Net debt of $18.5 billion as of March 31, 2014 an increase of $2.4 billion during the quarter due to investment in working capital and other payables ($1.3 billion), the early redemption of perpetual securities ($0.7 billion), M&A ($0.2 billion) and foreign exchange ($0.1 billion)

Key developments:

• AM/NS Calvert: In partnership with Nippon Steel & Sumitomo Metal Corporation, the acquisition of ThyssenKrupp Steel USA, a steel processing plant in Calvert, Alabama, was completed on Feb 26, 2014 for a purchase price of $1.55 billion
• Mining: opportunity to stretch iron ore production capacity from current target of 84Mt by end 2015 to 95Mt has been identified, due to additional 5Mtpa potential at Liberia and additional 6Mtpa potential at ArcelorMittal Mines Canada

Outlook and guidance framework:

• Based on its guidance framework, the Company continues to anticipate 2014 EBITDA of approximately $8.0 billion, assuming:
  • Steel shipments increase by approximately 3% in 2014 as compared to 2013
  • Marketable iron ore shipments increase by approximately 15%
  • The iron ore price averages approximately $120/t (for 62% Fe CFR China)
  • A moderate improvement in steel margins
• Net interest expense is expected to be approximately $1.6 billion for 2014
• Capital expenditure is expected to be approximately $3.8-4.0 billion for 2014

More detail in the document below.