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ArcelorMittal flat carbon Europe Q4 production update
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Monday, 11 Feb 2013
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ArcelorMittal announced that its flat carbon Europe crude steel production decreased by 5.1% to 6.4 million tonnes in 4Q 2012 as compared to 6.7 million tonnes in 3Q 2012 as inventory levels were reduced and output was aligned with local market levels.

Steel shipments in 4Q 2012 were 6.0 million tonnes, an increase of 2.1% as compared to 5.8 million tonnes in 3Q 2012. Steel shipments increased in the fourth quarter of 2012 due to a mild pick up following the seasonally weaker summer period.

Sales in the Flat Carbon Europe segment were essentially flat at $6.1 billion in 4Q 2012 as compared to 3Q 2012. Sales benefitted from higher steel shipment volumes offset in part by lower average steel selling prices (-1.1%) in dollars.

EBITDA in 4Q 2012 was $307 million as compared to $191 million in 3Q 2012. EBITDA in 4Q 2012 included $141 million of DDH income recognized during the quarter as compared to $131 million DDH income recognized in 3Q 2012. EBITDA in 4Q 2012 also included $210 million net gain recorded on the sale of carbon dioxide credits. The 4Q 2011 EBITDA included a $93 million gain on the sale of carbon dioxidecredits and $163 million of DDH income. (The proceeds from the sale of carbon dioxide credits will be re-invested in energy savings projects). Steel margins were negatively impacted by price-cost squeeze following a drop in average steel selling prices not fully compensated by lower costs.

The operating result in 4Q 2012 included a $2.5 billion non-cash write down of goodwill and $0.3 billion non-cash impairment charge related to the intention to permanently close the coke plant and six finishing lines in Liege, Belgium. Operating results in 3Q 2012 included impairment expenses of $130 million relating to the long term idling of the liquid phase at the Florange site in France and restructuring costs totalling $90 million associated primarily with the decision to close two blast furnaces, a sinter plant, a steel shop and continuous casters in Liege, Belgium.

Source - ArcelorMittal

(www.steelguru.com)

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