The company also forecast that European steel consumption would be 1 per cent lower this year than in 2012. However, it expects a growth of 3 per cent in the Chinese market and 5 per cent in Brazilian market in 2013.

Besides, ArcelorMittal is planning to increase iron ore shipments by 20 per cent. The expansion of its mines in Canada to 24 million tonnes per annum is on track and expected to be completed during the first half of 2013, it said. The company is also hopeful of reducing its net debt to USD 17 billion by June 30 due to a slew of measures. It is expecting to garner USD 5 billion from fund raising exercise completed in January, and 15 per cent stake sale in Canadian iron ore mine to Posco and China Steel Corporation. As on December 31, 2012, the company had a net debt of USD 21.8 billion. For 2013, the company has set a capex of USD 3.5 billion on various operations and expansion plans. However, it has proposed to reduce the dividend for 2013 by about 74 per cent to USD 0.20 per share against USD 0.75 per share of 2012.