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 for the three and nine month periods ended September 30, 2009.
Highlights for the three months ended September 30, 2009:
- Shipments of 18.2 million tonnes, up 7% as compared to Q2 2009
- EBITDA 1 of $1.6 billion, up 30% as compared to Q2 2009
- Net income of $0.9 billion in Q3 2009
- Cash flow from operations of $2.4 billion in Q3 2009
- Dividend to be maintained at $0.75 per share for 2010
Industrial and financial plan targets achieved ahead of schedule:
- $2.2 billion of annualized sustainable cost reduction achieved as of Q3 2009
- Working capital rotation days target 2 achieved, down to 83 days in Q3 2009 from 98 days in Q2 2009
- Net debt reduced to $21.6 billion, down by $10.9 billion over last twelve months
New initiatives:
- Selected growth projects reinitiated in some key emerging markets
- Financial policy adjusted with new gearing 3 and Net debt/average EBITDA 4 targets
- Strategic investment in 1 million tonne Indian re-roller Uttam Galva
- Successful debut 30-year bond issuance of $1.0 billion on October 1, 2009
Guidance for fourth quarter of 2009:
- EBITDA expected to be between $2.0 - $2.4 billion
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:
"As anticipated, we have seen the first signs of recovery in the third quarter. In response to this increased demand, a number of our facilities have now been re-started, and we expect fourth quarter crude steel capacity utilization to be approximately 70%. We should continue to see further gradual improvement through 2010, although the operating environment remains challenging."
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