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ArcelorMittal Expects Higher EBITDA in Second Half of 2008
10/10/2008 - ArcelorMittal reaffirms its third-quarter EBITDA guidance in excess of USD 8.5 billion.
ArcelorMittal, which was set to meet with investors Thursday as scheduled, released to its shareholders a reaffirmation of its third quarter EBITDA guidance in excess of USD 8.5 billion.
It further announced that it expects second-half EBITDA as well as Cash Flow from Operations to be higher than in the record first half of 2008.
"Despite the current financial crisis, the Chinese economic slowdown and the strong destocking taking place on steel markets, we are pleased to expect profitability improvement in the second half of this year," said ArcelorMittal Chairman and CEO Lakshmi N. Mittal, commenting on the corporation’s outlook.
ArcelorMittal is the world's largest steel company, with over 320,000 employees in more than 60 countries. The company leads a number of major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to sustainable management of the environment and of finite resources. ArcelorMittal recognizes that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2007 ArcelorMittal had revenues of U.S. $105.2 billion and crude steel production of 116 million tonnes, representing around 10% of world steel output.
