For the first time for two years, ArcelorMittal said it produced a quarter in the black, generating USD 52 million in net profit in the second quarter of this year against a loss of USD 780 million for the same period last year.
For the full half-year, though, the overall net figure was in the red to the tune of $153 million -- yet that was a big improvement from a loss of $1.1 billion a year ago.
The company, run by Indian magnate Lakshmi Mittal and based in Luxembourg, said it now expected 2014 Ebitda (earnings before interest, taxes, depreciation and amortisation) to be USD 7 billion (5.0 billion euros) instead of the USD 8 billion previously projected.
The price of shares in the group fell by 4.31 per cent in early trading to 10.88 euros in an overall French market which was down 0.78 per cent.
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Analysts at brokers Bank of America-Merrill Lynch said the outcome was "disappointing"
The company said indicators looked positive for the rest of this year in Europe and the United States, which together accounted for two-thirds of shipments.
A year ago the group had issued a profits warning at the end of the first half but also said that it had reached the low point of the cycle for the steel industry in the first half.
In the second quarter of this year operating profit improved by 3.7 per cent to 1.8 billion euros compared with the figure at the same time last year, and for the first six months it was up 7.7 per cent to 3.5 billion euros.