ArcelorMittal reports second quarter and first half 2008 results
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’sleading steel company, today announces results for the three and sixmonth periods ended June 30, 2008.
H108 highlights:
- Sales of $67.6 billion, up 31% compared with H107
- EBITDA1 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 agreementsigned with labour unions to further improve Occupational Health &Safety
- Agreements signed to acquire Mid Vol Coal Group and Concept Group (2metallurgical 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, withEBITDA of $13.1 billion up 35% over the same period in 2007. Thisreflects the diversity and strength of the ArcelorMittal businessmodel, in particular the significant diversification of our value chainincluding our considerable mining operations.
We continue to look for opportunities to further enhance our rawmaterial self sufficiency, with recent investments being announced inAfrica, the Americas and Australia.
Our financial strength enables us to continue to invest heavily in thedevelopment of the business, particularly relating to brownfield growthand improving product quality and mix. This year we expect capitalexpenditures to reach $7 billion, representing 36% of 2007 EBITDA.
Financial highlights (on the basis of IFRS2, amounts in US$ and Euros3 ):
(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 ...
