ArcelorMittal reports second quarter 2010 results

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Beleggingsadvies 28/07/2010 07:29
Luxembourg, July 28, 2010 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company") (MT (New York, Amsterdam, Paris, Brussels, Luxembourg), MTS (Madrid)), the world's leading steel company, today announced results [1] for the three months and six month periods ended June 30, 2010.

Highlights for the three months ended June 30, 2010:

Health and Safety frequency rate [2] marginally improved compared with Q1 2010
EBITDA [3] of $3.0 billion in Q2 2010, up 59% compared to Q1 2010
Net debt [4] decreased by $0.4 billion to $20.3 billion during Q2 2010 primarily due to foreign exchange impacts

Performance and industrial plan:

Capacity utilization increased to 78% in Q2 2010 from 72% in Q1 2010
$3.0 billion of annualized sustainable cost reduction achieved by the end of Q2 2010


Guidance for the three months ended September 30, 2010:

EBITDA expected to be between $2.1 billion - $2.5 billion
Capacity utilization is expected to decrease to approximately 70% due to seasonal slowdown
Stainless steel segment spin-off assessment

ArcelorMittal is assessing the spin-off of its stainless steel segment to its shareholders

Financial highlights (on the basis of IFRS [1] , amounts in USD):
(USDm) unless otherwise shown 2Q 10 1Q 10 2Q 09 6M 10 6M 09
Sales $21,651 $18,652 $15,176 $40,303 $30,298
EBITDA 3,002 1,888 1,221 4,890 2,104
Operating Income / (Loss) 1,723 686 (1,184) 2,409 (2,667)
Net Income / (Loss) 1,704 679 (792) 2,383 (1,855)

Iron Ore Production (Mt) 16.4 15.8 12.1 32.2 24.0
Crude Steel Production (Mt) 24.8 23.1 15.9 47.9 31.1
Steel Shipments (Mt) 22.8 21.5 17.0 44.3 32.9
EBITDA/tonne (US$/t) 132 88 72 110 64
Operating Income (loss)/tonne (US$/t) 76 32 (70) 54 (81)
Basic Earnings per share (USD) 1.13 0.45 (0.57) 1.58 (1.34)

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

"The improved performance in the second quarter is in line with our expectations and reflects the continued slow and progressive recovery. Although the third quarter will be impacted by a combination of seasonal factors and the effects of the economic slowdown in China, underlying demand continues to show improvement. The challenge for the second half of the year will be to pass on the full extent of cost increases to our customers.

Separately, we are assessing the spin-off of our stainless division from the remainder of the group. We have confidence in the future of the stainless business and believe that the creation of a separately focussed company will create additional value for all shareholders."




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