ArcelorMittal Earnings Slump As Customers Pare Back Orders
07 Febbraio 2012 - 8:18AM
Dow Jones News
ArcelorMittal (MT), the world's largest steelmaker by volume and
revenue, Tuesday said that slowing global demand for steel led to a
wider fourth-quarter loss from a year earlier and lower full-year
results.
The company reported a net loss of $1 billion in the three
months to Dec. 31. up from a loss of $780 million and a full-year
net profit of $2.26 billion, down from $2.92 billion.
A slowdown in steel consumption in Europe and China in the
second part 2011 has taken its toll on steelmakers in recent
months. Late last year, ArcelorMittal said it would permanently
shut two of its European blast furnaces and temporarily idle
several others after customers began to pare back orders due to
concerns that the euro-zone sovereign debt crisis would affect
consumer confidence and economic growth.
Full-year revenue rose 20% to $93.97 billion from $78.03 billion
in 2010, while fourth-quarter revenue rose 8.5% to $22.45 billion
from $20.7 billion in the same period a year earlier.
Fourth-quarter earnings before interest, taxes, depreciation and
amortization fell 7.5% to $1.71 billion from $1.85 billion in the
year earlier period. Full-year Ebitda rose 19% to $10.12 billion
from $8.53 billion a year earlier, in line with forecasts.
Global steel production rose 6.8% in 2011 but fell 5% in the
fourth quarter from the third quarter as steel output from China,
the world's largest producer dropped 10% quarter-on-quarter and
steel production in the 27 member states of the European Union
dropped 1% during the same period, according to the World Steel
Association.
Global steel prices fell 7.2% in the fourth quarter compared
with the previous quarter, to average $789 a metric ton, according
a global composite price produced by U.K-based steel consultancy
firm MEPS International Ltd. Europe suffered the worst decline,
with the average EU composite steel price dropping 11.2% on the
quarter.
-By Francesca Freeman, Dow Jones Newswires; +44 (0)20 7842 9412;
francesca.freeman@dowjones.com
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