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ArcelorMittal Reports Second Quarter 2012 And Half Year 2012 Results

Stocks in this article: MT

Steel shipments for 2Q 2012 were 5.7 million tonnes, 1.1% higher than 1Q 2012.

Sales in the Flat Carbon Americas segment were $5.4 billion for 2Q 2012, a marginal increase of 1.7% as compared to $5.3 billion for 1Q 2012. Sales were impacted by higher steel selling prices in North America with lower dollar prices in South America due to depreciation of Brazilian Real.

EBITDA in 2Q 2012 decreased by 24.8% to $474 million as compared to $632 million in 1Q 2012. EBITDA in 1Q 2012 was positively impacted by changes to the employee benefit plans at Dofasco which resulted in curtailment gains of $241 million 5. Excluding the curtailment gain effect, EBITDA in 2Q 2012 was 21.2% higher than 1Q 2012. Higher profitability was primarily driven by North American operations due to better selling prices combined with lower input cost, partially offset by lower profitability from South American operations and higher cost.

Flat Carbon Europe

(USDm) unless otherwise shown   2Q 12   1Q 12   2Q 11   1H 12   1H 11
Sales   $7,223   $7,719   $8,551   $14,942   $16,363
EBITDA   381   130   636   511   1,107
Operating income / (loss)   (154)   (284)   245   (438)   351
Crude steel production (Mt)   7,143   7,182   7,870   14,325   15,501
Steel shipments (Mt)   6,771   7,461   7,166   14,232   14,550
Average steel selling price (US$/t)   884   861   1,026   872   976
EBITDA/tonne (US$/t)   56   17   89   36   76
Operating income (loss) /tonne (US$/t)   (23)   (38)   34   (31)   24

Flat Carbon Europe crude steel production remained flat at 7.1 million tonnes in 2Q 2012 as compared to 1Q 2012.

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