Shipment volumes and average steel prices are likely to increase further, pushing earnings before interest, taxes, depreciation and amortisation-or Ebitda-up to between US$2 billion and US$2.5 billion in the first quarter, compared with US$1.85 billion in the fourth quarter, the company said. ArcelorMittal said it expects raw material costs to continue rising, while increased investment activity will also add to costs. The world's three biggest iron-ore suppliers decided in 2009 to price their contracts on a quarterly basis rather than an annual one, making steel producers more vulnerable to sudden price changes. (AP)