Arcelor cijfers 1e kw. 2012

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Overig advies 10/05/2012 07:53
Luxembourg , May 10, 2012 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading steel company, today announced results[1] for the three month period ended March 31, 2012.

1Q 2012 Highlights:
Health and safety performance improved in 1Q 2012 with a LTIF rate[2] of 1.1x as compared to 1.2x at 4Q 2011
EBITDA[3] of $2.0 billion (including positive $0.2 billion from employee benefit changes[4]) compared to $1.7 billion in 4Q 2011 (including $0.1 billion of CO2 gains)
Steel shipments of 22.2 Mt, an increase of 1.2% as compared to 1Q 2011
13.2 Mt iron ore production +12.1% YoY; 6.8 Mt shipped and reported at market price[5] vs. 5.9 Mt in 1Q 2011
Net debt[6] increased $1.1 billion to $23.6 billion ($0.3 billion of increase due to strengthening of the euro)
Liquidity[12] improved to $15.2 billion from $12.5 billion at end 4Q 2011; debt maturity extended to 6.4 years
Continued progress in non-core asset sales with the successful partial divestment of Erdemir[7] stake and the agreed sale of Enovos[8]
Outlook and guidance:
Steel shipments in 2Q 2012 are expected to be similar to 1Q 2012 levels but all steel segments are expected to show improved underlying profitability; the Mining segment is expected to benefit from seasonally higher iron ore shipments
The Company maintains guidance that 1H 2012 EBITDA is expected to be higher than the 2H 2011 level
A reduction in net debt is anticipated through improved operating cashflows and further non-core asset divestments, per the Company’s stated objective to retain its investment grade credit rating
Own iron ore and coal production expected to increase by approximately 10% in FY 2012
2012 Capex expected to be approximately $4-4.5 billion
Financial highlights (on the basis of IFRS[1] , amounts in USD):

USDm) unless otherwise shown Quarterly comparison
1Q 12 4Q 11 3Q 11 2Q 11 1Q 11
Sales $22,703 $22,449 $24,214 $25,126 $22,184
EBITDA 1,972 1,714 2,408 3,413 2,582
Operating income 663 47 1,168 2,252 1,431
Net income / (loss) 11 (1,000) 659 1,535 1,069
Basic earnings / (loss) per share (USD) 0.01 (0.65) 0.43 0.99 0.69
Continuing operations
Own iron ore production (Mt) 13.2 15.1 14.1 13.1 11.8
Iron ore shipments at market price (Mt) 6.8 8.5 6.7 7.0 5.9
Crude steel production (Mt) 22.8 21.7 22.4 24.4 23.5
Steel shipments (Mt) 22.2 20.6 21.1 22.2 22.0
EBITDA/tonne (US$/t)[9] 89 83 114 154 118
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:
Our health and safety result for the quarter further improved to a lost time injury frequency rate of 1.1x, the best quarterly performance we have achieved to date. We remain fully focused on driving further safety progress and succeeding in our Journey to Zero harm.
During the first quarter we saw improved sentiment in a number of key markets. Demand in North America continues to grow driven by the automotive and white and yellow good sectors. Europe remains the biggest challenge and during the first quarter we announced the extended idling of a number of facilities inline with our strategy of meeting demand from our more competitive sites. Although impacted by seasonal factors in the first quarter, our mining business remains a key area for growth and we are targeting a further increase in production in 2012.
We have also made good progress with our strategy to divest non-core assets and expect to take further steps in this regard throughout the year. Together with improved operating cash flows, this will reduce net debt which remains a priority for the group.



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