ArcelorMittal reports first quarter 2010 results

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Beleggingsadvies 29/04/2010 10:23
Luxembourg, April 29, 2010 - ArcelorMittal (referred to as "ArcelorMittal", or the "Company") (MT (New York, Amsterdam, Brussels, Luxembourg, Paris) MTS (Madrid)), the world's leading steel company, today announced results[1] for the three months ended March 31, 2010.

Highlights:
.Health and Safety frequency rate[2] consistent with Q4 2009
.Steel shipments of 21.5 million tonnes in Q1 2010, up 8% compared to Q4 2009
.Average steel selling prices down 3% in Q1 2010 compared to Q4 2009
.EBITDA[3] of $1.9 billion in Q1 2010
.Net debt[4] increased by $1.9 billion to $20.7 billion in Q1 2010, due to investment in working capital and M&A activity

Performance and industrial plan:
Capacity utilisation increased to 72% in Q1 2010 from 70% in Q4 2009
$2.9 billion of annualized sustainable cost reductions achieved by the end of first quarter of 2010; on track to achieve $5.0 billion of management gains by 2012
Guidance for the three months ended June 30, 2010:

EBITDA expected to be between $2.8 billion - $3.2 billion
Financial highlights (on the basis of IFRS[1], amounts in USD):

(USDm) unless otherwise shown 1Q 10 4Q 09 1Q 09
Sales $18,652 $18,642 $15,122
EBITDA 1,888 2,131 883
Operating Income / (Loss) 686 684 (1,483)
Net Income / (Loss) 679 1,070 (1,063)

Iron Ore Production (Mt) 15.7 15.6 11.9
Crude Steel Production (Mt) 23.1 22.5 15.2
Steel Shipments (Mt) 21.5 20.0 16.0
EBITDA/tonne (US$/t) 88 107 55
Operating Income (Loss)/tonne (US$/t) 32 34 (93)
Basic Earnings / (Loss) per share (U.S. dollar per share) 0.45 0.71 (0.78)


Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:

"The economic recovery is continuing in-line with our expectations and 2010 is set to be a stronger year for ArcelorMittal. The year has started with improved demand in all main markets, which will have a positive impact in the second quarter."





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