Steel titan ArcelorMittal (MT) exported its first shipment of iron ore from its Liberian project late Friday, the head of the company's mining division said.

The iron ore will be delivered to Europe, the primary customer-base for ArcelorMittal's Liberian iron ore production.

Peter Kukielski also said at the investor day conference that the company is on track to meet its target of producing 100 million metric tons of iron ore annually by 2015, including from its strategic contracts, and could potentially produce more than that during the same time period through its pipeline of brownfield and greenfield projects.

"Under flat iron ore pricing assumption Ebitda could double by 2015, driven by growth in marketable tons," he said in his presentation. Ebitda stands for Earnings before interest, taxes, depreciation and amortization.

The Liberian iron ore project is expected to produce 1 million tons of iron ore in 2011 and ramp up to 4 million tons in 2012.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

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