Arcelor Mittal warned this morning of lower profits in 2015 but surprised the market by managing to cut its debt to the lowest level since the company was created in 2006. The steelmaker said it expects core profits to drop to between $6.5B-$7B in 2015, from $7.2B in 2014, as dwindling prices of iron ore dent a recovery in steel demand. Despite a 5% decline in Q4 profit, ArcelorMittal (NYSE:MT) posted a $1.1B net loss for 2014, an improvement on a $2.5B net loss a year ago. MT +1.9% premarket.