AMSTERDAM (AP) — ArcelorMittal SA, the world’s largest steelmaker, says it expects shipments of steel and iron ore to rise in 2014 as recoveries in the US and Europe will matter more than slowing growth in emerging markets.

While reporting fourth-quarter earnings, the company said it expects global steel consumption to grow 3.5 percent in 2014. It said a recovery in European manufacturing seen in the second half of 2013 should continue and consumption will rise 2 percent in 2014. It sees U.S. consumption up 4 percent in 2014. Both declined last year.