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 and six month periods ended June 30, 2012.
- Health and safety performance improved in 2Q 2012 with a LTIF rate 2 of 0.8x as compared to 1.1x in 1Q 2012
- EBITDA 3 of $2.4 billion in 2Q 2012 (including positive $0.3 billion of gains on subsidiary divestments 4), compared to $2.0 billion in 1Q 2012 (including positive $0.2 billion from employee benefit changes 5); EBITDA of $4.4 billion reported in 1H 2012 as compared to $4.1 billion in 2H 2011
- Steel shipments of 21.7 Mt in 2Q 2012, a decrease of 2.5% as compared to 1Q 2012
- 2Q 2012 iron ore production of 14.4 Mt, up +9.9% YoY; 8.2 Mt shipped and reported at market price 6, up +17.4% YoY
- Net debt 7 reduced by $1.6 billion during 2Q 2012 to $22.0 billion, driven by improved free cash flow from operations of $1.1 billion, Skyline Steel divestment proceeds 4 of $0.7 billion and foreign exchange impacts
- Liquidity 15 decreased marginally to $14.8 billion from $15.2 billion at end 1Q 2012; average debt maturity at 6.4 years
Outlook and guidance:
- Group EBITDA per tonne for the 2H 2012 is expected to be similar to the underlying 1H 2012 level
- Steel shipments in 2H 2012 are expected to be lower than 1H 2012 levels due to normal seasonal factors
- Iron ore shipments remain on track to increase by approximately 10% in FY 2012 compared to FY 2011
- A further reduction in net debt is targeted by end 2012 but is dependent on further divestments. The Company remains committed to retaining its investment grade credit rating.
- 2012 capex is expected to be approximately $4.5 billion; ArcelorMittal Mines Canada expansion to 24mtpa 8 on track for ramp up during 1H 2013
|Quarterly comparison||Semi-annual comparison|
|(USDm) unless otherwise shown||2Q 12||1Q 12||2Q 11||1H 12||2H 11||1H 11|
|Income from discontinued operations||-||-||-||-||-||461|
|Net income / (loss)||959||11||1,535||970||(341)||2,604|
|Basic earnings / (loss) per share (USD)||0.62||0.01||0.99||0.63||(0.22)||1.68|
|Own iron ore production (Mt)||14.4||13.2||13.1||27.6||29.2||24.9|
|Iron ore shipments at market price (Mt)||8.2||6.8||7.0||15.0||15.1||12.9|
|Crude steel production (Mt)||22.8||22.8||24.4||45.6||44.0||47.9|
|Steel shipments (Mt)||21.7||22.2||22.2||43.9||41.7||44.1|
EBITDA/tonne (USD/t) 9
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