Recovering markets in Europe and the United States have enabled the world’s largest manufacturer of steel to deliver its first quarter of underlying profits in several years, albeit with the company being forced to reduce its full year profit outlook because of lower than expected iron ore prices.

Unveiling its second quarter results, Luxembourg based ArcelorMittal delivered a bottom line net profit attributable to equity holders of the parent of $US52 million amid higher levels of shipments and stronger margins, albeit with the company still incurring an overall loss for the first half of $US153 million as bad…