ArcelorMittal, the company that owns Coatesville’s steel plate factory, expects a billion-dollar dent in its annual earnings now that the average iron ore price estimate has sunk from $120 per ton to $105.

Nevertheless, the global leader in steel shipments turned a profit in the second quarter for the first time in two years and foresees greater future demand in Europe and the United States, though China is easing off the accelerator, according to a Wall Street Journal report.

The steelmaker still expects to produce $7 billion in earnings before taxes.

Read more about ArcelorMittal’s latest quarterly financial results and its forecast for the remainder of the year in the Wall Street Journal here.