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ArcelorMittal announces H2 2012 outlook
Add Time：2012-08-03 22:54:00 Clicks：
Mr LN Mittal chairman & CEO of ArcelorMittal said that "The global economy remains fragile but we expect second half 2012 operating conditions to remain broadly similar to first half 2012. The situation in Europe and its potential impact on other markets remains the biggest concern. Against this backdrop the focus remains on improving efficiency, cutting costs and reducing debt while not sacrificing the high return growth projects we have in our portfolio."
He added that "In the absence of an economic recovery, steel shipments in H2 2012 are expected to follow the normal seasonal pattern. Iron ore shipments remain on track to increase by approximately 10% in FY 2012. As a result, group EBITDA per tonne for the H2 2012 is expected to be similar to the underlying H1 2012 level."
Mr Mittal said that "A further reduction in net debt is targeted by the end of 2012 but this is dependent on further divestments. The Company remains committed to retaining its investment grade credit rating, 2012 capex expected to be approximately USD 4.5 billion; ArcelorMittal Mines Canada expansion to 24mtpa is on track for ramp up during H1 2013."
He added that "In the absence of an economic recovery, steel shipments in H2 2012 are expected to follow the normal seasonal pattern. Iron ore shipments remain on track to increase by approximately 10% in FY 2012. As a result, group EBITDA per tonne for the H2 2012 is expected to be similar to the underlying H1 2012 level."
Mr Mittal said that "A further reduction in net debt is targeted by the end of 2012 but this is dependent on further divestments. The Company remains committed to retaining its investment grade credit rating, 2012 capex expected to be approximately USD 4.5 billion; ArcelorMittal Mines Canada expansion to 24mtpa is on track for ramp up during H1 2013."