ArcelorMittal results for the first quarter 2014

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Beleggingsadvies 09/05/2014 08:33
Luxembourg, May 9, 2014 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results[1] for the three month period ended March 31, 2014.

Highlights:
Health and safety: LTIF rate[2] of 0.85x in 1Q 2014 as compared to 0.93x in 1Q 2013
EBITDA[3] of $1.8 billion in 1Q 2014, a 23% improvement as compared to 1Q 2013 on an underlying basis[4]; EBITDA/t increased in all steel segments with the exception of NAFTA which was negatively impacted by extreme weather
Net loss of $0.2 billion in 1Q 2014 as compared to a net loss of $0.3 billion in 1Q 2013
Steel shipments of 21.0Mt, an increase of 2.4% as compared to 1Q 2013
14.8 Mt own iron ore production as compared to 13.1 Mt in 1Q 2013; 9.3 Mt shipped and reported at market prices[5] as compared to 7.3 Mt in 1Q 2013
Net debt[6] of $18.5 billion as of March 31, 2014 an increase of $2.4 billion during the quarter due to investment in working capital and other payables ($1.3 billion), the early redemption of perpetual securities ($0.7 billion), M&A ($0.2 billion) and foreign exchange ($0.1 billion)

Key developments:
AM/NS Calvert: In partnership with Nippon Steel & Sumitomo Metal Corporation, the acquisition of ThyssenKrupp Steel USA, a steel processing plant in Calvert, Alabama, was completed on Feb 26, 2014 for a purchase price of $1.55 billion
Mining: opportunity to stretch iron ore production capacity from current target of 84Mt by end 2015 to 95Mt has been identified, due to additional 5Mtpa potential at Liberia and additional 6Mtpa potential at ArcelorMittal Mines Canada

Outlook and guidance framework:
Based on its guidance framework, the Company continues to anticipate 2014 EBITDA of approximately $8.0 billion, assuming:

a) Steel shipments increase by approximately 3% in 2014 as compared to 2013
b) Marketable iron ore shipments increase by approximately 15%
c) The iron ore price averages approximately $120/t (for 62% Fe CFR China)
d) A moderate improvement in steel margins
Net interest expense is expected to be approximately $1.6 billion for 2014
Capital expenditure is expected to be approximately $3.8-4.0 billion for 2014
The Company maintains its medium term net debt target at $15 billion

Financial highlights (on the basis of IFRS[1]):
(USDm) unless otherwise shown
1Q 14 4Q 13 3Q 13 2Q 13 1Q 13
Sales 19,788 19,848 19,643 20,197 19,752
EBITDA 1,754 1,910 1,713 1,700 1,565
Operating income / (loss) 674 (36) 477 352 404
Net loss (205) (1,227) (193) (780) (345)
Basic loss per share (USD) (0.12) (0.69) (0.12) (0.44) (0.21)

Own iron ore production (Mt) 14.8 15.4 14.9 15.0 13.1
Iron ore shipments at market price (Mt) 9.3 10.3 9.4 8.2 7.3
Crude steel production (Mt) 23.0 23.0 23.3 22.5 22.4
Steel shipments (Mt) 21.0 20.5 20.7 20.9 20.5
EBITDA/tonne (US$/t)[7] 84 93 83 81 76

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

“Today’s figures continue to show the improved year-over-year performance of our business driven by recovering steel markets, the expansion of our mining operations, and the continued benefits of our focused cost optimization. The prospects for growth of our core markets in Europe and the US are encouraging and overall we remain cautiously optimistic about the business outlook for the rest of 2014”.

tijd 09.58
Arcelor EUR 11,59 -31,5ct vol. 3,5 miljoen.



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