ArcelorMittal reported solid third-quarter 2014 results and we believe that healthy auto steel markets should support performance in 2015 in Europe and the U.S. We expect management to take further actions to reduce debt and improve profitability in 2015. These factors mitigate, in our view, the downside resulting from lower iron ore prices. We are therefore affirming our 'BB+' rating on ArcelorMittal and removing it from CreditWatch negative. The outlook is negative, reflecting ArcelorMittal's still-low credit metrics for the rating, together with downside risks related to growth in Europe and Brazil in 2015, and potential further declines in iron ore prices. On Nov. 7, 2014, Standard&Poor's Ratings Services affirmed its 'BB+' long-term corporate credit rating on Luxembourg-registered steel
