The Q3 2012 fall in the iron ore price, and the weaker global economic backdrop, adversely impacted steel prices and steel volumes as well as the profitability of our mining operations, affecting our previous expectations for group profitability in 2H 2012. The company now expects FY 2012 EBITDA of approximately USD 7 billion.

Iron ore shipments remain on track to increase by approximately 10% in FY 2012 compared to FY 2011.

Excluding any proceeds from future asset sales, net debt is expected to be approximately USD 22 billion by year end. Deleveraging is a priority as the company continues to target an investment grade credit rating.

The 2012 capex is expected to be approximately USD 4.5 billion. ArcelorMittal Mines Canada expansion to 24 million tonnes per annum is on track for ramp up during 1H 2013.

Source - ArcelorMittal

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