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ArcelorMittal Reports Second Quarter 2012 And Half Year 2012 Results

Steel shipments for 2Q 2012 were 5.8 million tonnes, an increase of 1.8% as compared to 5.7 million tonnes for 1Q 2012.

Sales in the Long Carbon Americas and Europe segment were lower at $5.7 billion for 2Q 2012, as compared to $5.8 billion for 1Q 2012. Sales were impacted by an increase in steel shipment volumes offset by lower average steel selling prices (-2.7%) primarily due to depreciation of local currencies in Europe and South America.

EBITDA for 2Q 2012 was $564 million, a 29.1% increase as compared to $437 million for 1Q 2012. Higher profitability was primarily driven by improved volumes combined with lower input cost, primarily in Europe (scrap prices) and recovery in our Tubular business which was impacted by operational issues in 1Q 2012.

Operating performance in 1Q 2012 was negatively impacted by restructuring costs totalling $46 million associated with the implementation of the Asset Optimisation Plan primarily relating to Spanish entities. Additionally, due to ongoing construction market weakness impairment charges totalling $61 million were recorded during 1Q 2012 associated with the extended idling of the electric arc furnace and continuous caster at the Schifflange site in Luxembourg.

Asia Africa and CIS (“AACIS”)

(USDm) unless otherwise shown   2Q 12   1Q 12   2Q 11   1H 12   1H 11
Sales   $2,677   $2,787   $2,857   $5,464   $5,427
EBITDA   120   160   462   280   716
Operating income / (loss)   (38)   2   341   (36)   466
Crude steel production (Mt)   3,691   3,615   3,830   7,306   7,536
Steel shipments (Mt)   3,321   3,353   3,304   6,674   6,446
Average steel selling price (US$/t)   687   705   768   696   730
EBITDA/tonne (US$/t)   36   48   140   42   111
Operating income (loss) /tonne (US$/t)   (11)   1   103   (5)   72

AACIS segment crude steel production was 3.7 million tonnes for 2Q 2012, an increase of 2.1% as compared to 3.6 million tonnes for 1Q 2012.

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