ArcelorMittal, the biggest steel company in the world, has forecast higher profits for the year ahead and puts it all down to increased steel and iron ore shipments.

The company expects global steel consumption to increase by between 3.5% and 4% and has forecast a slowdown in consumption growth in China and Brazil. In Europe, however, it forecasts improvement in the range of 1.5% to 2.5% following declines in both 2012 and 2013.

ArcelorMittal expects its core profits in 2014 to be $8 billion following on from its 2013 figure of $6.89 billion. Its Q4 core profit was $1.91 billion.

Source: CNBC/BBC