Income from equity method investments and other income in 2Q 2012 was $121 million, as compared to a loss of $14 million in 1Q 2012 and income of $289 million for 2Q 2011. During 1Q 2012 the net impact from the partial sale of the Company’s stake in Erdemir and the agreed sale of Enovos was a loss of $85 million.
Net interest expense (including interest expense and interest income) was stable at $456 million for 2Q 2012 as against $461 million for 1Q 2012 and $457 million for 2Q 2011.
Due to exchange rate effects, foreign exchange and other net financing costs were $32 million for 2Q 2012 as compared to costs of $362 million for 1Q 2012 and costs of $447 million for 2Q 2011. Foreign exchange and other net financing costs for 2Q 2012 were positively impacted by significant foreign exchange income primarily due to 6% appreciation of the US dollar against the Euro compared to a 3% depreciation in the previous quarter.
ArcelorMittal recorded an income tax benefit of $219 million for 2Q 2012, as compared to a benefit of $190 million for 1Q 2012 and an income tax expense of $61 million in 2Q 2011.Loss attributable to non-controlling interests for 2Q 2012 was $6 million as compared with gain of $5 million for 1Q 2012 and gain of $41 million for 2Q 2011. Capital expenditure projects The following tables summarize the Company’s principal growth and optimization projects involving significant capital expenditures. Completed Projects in Most Recent 4 Quarters
|Segment||Site||Project||Capacity / particulars||Actual Completion|
|Mining||Liberia mines||Greenfield Liberia||Iron ore production of 4mt / year (Phase 1)||3Q 11 (a)|
|Segment||Site||Project||Capacity / particulars||Forecasted Completion|
|Mining||Andrade Mines (Brazil)||Andrade expansion||Increase iron ore production to 3.5mt / year||4Q 2012|
|Mining||ArcelorMittal Mines Canada||Replacement of spirals for enrichment||Increase iron ore production by 0.8mt / year||2013|
|Mining||ArcelorMittal Mines Canada||Expansion project||Increase concentrator capacity by 8mt/year (16 to 24mt / year)||2013|
|FCA||ArcelorMittal Dofasco (Canada)||Optimization of galvanizing and galvalume operations||Optimize cost and increase galvalume production by 0.1mt / year||On hold|
|FCA||ArcelorMittal Vega Do Sul (Brazil)||Expansion project||Increase HDG capacity by 0.6mt / year and CR capacity by 0.7mt / year||On hold|
|LCA||Monlevade (Brazil)||Wire rod production expansion||Increase in capacity of finished products by 1.15mt / year||On hold|
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts