Global steel giant ArcelorMittal today held its annual investor day simultaneously in New York and London on September 23rd 2011.
Company presentations include chairman & CEO Mr LN Mittal talking about ArcelorMittal's core strengths and opportunities for sustainable growth and CFO Mr Aditya Mittal providing insight into the Group's strategy for implementing savings and executing growth.
Mr Peter Kukielski GMB member & CEO of the Group's mining business, also provided a presentation on building a world class mining business with his VP and CCO Mr Simon Wandke, speaking about ArcelorMittal's commercial approach to mining.
GMB member & head of strategy Mr Lou Schorsch discussed the group's value added leadership approach in R&D with Brian Aranha, Management Committee member and Chief Marketing Officer of FCE, talking about leadership in automotive.
The main focus of presentations was to remind investors of the ArcelorMittal's core strengths
1. High quality core steel assets
2. Industry leading automotive steel franchise
3. A world class and growing mining business
4. Strong track record of consistent management gains with a new USD 1 billion Asset Optimization Plan launched
5. And a strong balance sheet
In addition Mr LN Mittal reaffirmed the company's previously announced guidance that third quarter EBITDA is expected between USD 2.4 billion and USD 2.8 billion and second half EBITDA is expected to be above the comparable period of 2010.
He said “ArcelorMittal possesses core strengths that place the company in a strong position to respond to evolving market conditions. We remain committed to our plans for growth since our core projects are not dependent on strong economic conditions to create value for our shareholders. Our strategy transcends near term market uncertainties.”
Mr Aditya Mittal also stated that he expects to achieve the stated target level for net debt of USD 22.5 billion or less by mid 2012 under various reasonable scenarios and that ArcelorMittal has received written approvals from its banks to extend USD 4 billion of credit facilities from a maturity in 2013 to 2015.
