Good economic news for local employees of ArcelorMittal’s steel plate production facility in Coatesville.

The company last week released first quarter financial figures, which Lakshmi Mittal, chairman and chief executive officer, say show improved year-over-year performance driven by recovering steel markets, expansion of the company’s mining operations, and the continued benefits of focused cost optimization.

“The prospects for growth of our core markets in Europe and the U.S. are encouraging and overall we remain cautiously optimistic about the business outlook for the rest of 2014,” Mittal said.

Based on the current economic outlook, ArcelorMittal expects global apparent steel consumption to increase by 3 to 3.5 percent in 2014. European manufacturing activity has picked up, as has steel consumption in the U.S. ArcelorMittal expects U.S. steel consumption to grow 3.5 to 4.5 percent this year.

Also, mining has been ramped up at ArcelorMittal Mines Canada, which should underpin a 15 percent expansion of marketable iron ore in 2014.

ArcelorMittal reported liquidity of $11.1 billion on March 31, consisting of cash and cash equivalents of $5.1 billion and $6 billion of available credit lines.

The company expects net interest expense to be approximately $1.6 billion in 2014, compared to $1.8 billion in 2013, due primarily to lower average debt. Capital expenditure is expected to be approximately $3.8 to $4 billion, a slight increase in 2014. The company does not intend to ramp up any major steel growth capex or increase dividends until the medium term $15 billion net debt target has been achieved and market conditions improve. The full financial report is here: http://corporate.arcelormittal.com/news-and-media/press-releases/2014/may/09-05-2014

The Coatesville facility produces steel from scrap in an electric arc furnace and is capable of producing approximately 900,000 tons of raw steel annually. The plant also operates ingot teeming facilities, a slab caster, two plate mills and heat-treating facilities.

The company says its Coatesville facility refines more than 450 different steel chemistries and, together with the Conshohocken facility, produces some of the widest, thickest and heaviest steel plates in the industry. The plant has stood on its site since 1810 and has been continually modernized with some of the latest steel production technology.

Commodity plate is made at this location, along with carbon, high-strength low-alloy, commercial alloy, military alloy, clad and flame-cut plate products. The construction, machinery, rail transportation, automotive, military, shipbuilding and aircraft and aerospace markets are a few markets served by the location.

Links: www.arcelormittal.com