ArcelorMittal Reports Second Quarter and First Half 2008 Results
Wednesday, Jul 30, 2008
Luxembourg, 30 July, 2008 – ArcelorMittal (referred to as “ArcelorMittal”, or “the Company”) (New York: MT; Amsterdam: MT; Madrid: MTS; Paris: MTP; Brussels: MTBL; Luxembourg: MT), the world’s leading steel company, today announces results for the three and six month periods ended June 30, 2008.
H108 highlights:
- Sales of $67.6 billion, up 31% compared with H107
- EBITDA 1 of $13.1 billion, up 35% compared with H107
- Net Income of $8.2 billion, up 65% as compared with H107
- Capital expenditure of $2.3 billion in H108
Q208 highlights:
- Sales of $37.8 billion, up 39% compared with Q207
- EBITDA of $8.0 billion, up 51% compared with Q207
- Net Income of $5.8 billion, up 114% as compared with Q207
- Capital expenditure of $1.4 billion in Q208
Recent Key Announcements
- Groundbreaking global health and safety agreement signed with labour unions to further improve Occupational Health & Safety
- Agreements signed to acquire Mid Vol Coal Group and Concept Group (2 metallurgical coal companies located in West Virginia, USA)
- Allocated mining lease for the Karampada iron-ore deposit in Jharkhand, India
- Acquisition of Bayou Steel (manufacture of structural steel in Louisiana, USA)
- Launch of new clean technology venture capital fund
Guidance for Q308
- Q308 EBITDA guidance to exceed $8.5 billion
Commenting, Mr Lakshmi N. Mittal, Chairman and CEO , ArcelorMittal, said:
We are pleased to report results for the first half of 2008, with EBITDA of $13.1 billion up 35% over the same period in 2007. This reflects the diversity and strength of the ArcelorMittal business model, in particular the significant diversification of our value chain including our considerable mining operations.
We continue to look for opportunities to further enhance our raw material self sufficiency, with recent investments being announced in Africa, the Americas and Australia.
Our financial strength enables us to continue to invest heavily in the development of the business, particularly relating to brownfield growth and improving product quality and mix. This year we expect capital expenditures to reach $7 billion, representing 36% of 2007 EBITDA.
Financial highlights (on the basis of IFRS 2 , amounts in US$ and Euros 3 ):
(In millions of US dollars except earnings per share and shipments data)
| Results | US Dollars | ||||
|---|---|---|---|---|---|
| Q2 2008 | Q1 2008 | Q2 2007 | H1 2008 | H1 2007 | |
| Shipments (Million MT) 4 | 29.8 | 29.2 | 28.7 | 59.0 | 55.7 |
| Sales | 37,840 | 29,809 | 27,223 | 67,649 | 51,699 |
| EBITDA | 8,046 | 5,044 | 5,326 | 13,090 | 9,672 |
| Operating income | 6,621 | 3,614 | 4,232 | 10,235 | 7,687 |
| Net income | 5,839 | 2,371 | 2,723 | 8,210 | 4,973 |
| Basic earnings per share | $4.20 | $1.69 | $1.97 | $5.87 | $3.60 |
(In millions of Euros except earnings per share and shipments data)
| Results | Euros 3 | ||||
|---|---|---|---|---|---|
| Q2 2008 | Q1 2008 | Q2 2007 | H1 2008 | H1 2007 | |
| Shipments (Million MT) 4 | 29.8 | 29.2 | 28.7 | 59.0 | 55.7 |
| Sales | 24,222 | 19,895 | 20,194 | 44,201 | 38,898 |
| EBITDA | 5,150 | 3,366 | 3,951 | 8,553 | 7,277 |
| Operating income | 4,238 | 2,412 | 3,139 | 6,687 | 5,784 |
| Net income | 3,738 | 1,582 | 2,020 | 5,364 | 3,742 |
| Basic earnings per share | €2.69 | €1.13 | €1.46 | €3.84 | €2.71 |
Second quarter 2008 News CONFERENCE (for media)
ArcelorMittal management will host a news conference:
Date: Wednesday, July 30th 2008
Time: 5.30 am New York Time / 10.30 am London Time / 11.30 am CET
The dial in number:
- International number: +44 203 023 4459
- UK : 0203 023 4459
- USA : + 1 646 843 4608
Replay Numbers:
- International number: +44 20 8196 1998
- UK : 0208 196 1998
- USA : +1 866 583 1035
Access Code for each language on the replay:
- English 069434
- Spanish 181439
- French 414790
The news conference will be available via a live video webcast on www.arcelormittal.com .
Second quarter 2008 Earnings ANALYST Conference Call
Additionally, ArcelorMittal management will host a conference call for members of the investment community to discuss the second quarter 2008 financial performance of ArcelorMittal at 9.30 am New York time / 2.30 pm London time / 3.30 pm CET on Wednesday, July 30th 2008. The conference call will include a brief question and answer session with senior management. The conference call information is as follows:
Dial in access numbers will be the following:
- International: +44 208 6110 043
- UK : 0208 6110 043
- USA : +1 866 432 7175
A replay of the conference call will be available for one week by dialing (access code 634819):
- International: +44 208 196 1998
- UK : 0208 196 1998
- USA : +1 866 583 1035
The presentation will be available via a live video webcast on www.arcelormittal.com
Source: ArcelorMittal
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