ArcelorMittal, the worlds leading steel company, today announced results for the three and nine-month periods ended September 30, 2008.
Highlights for the three months ended September 30, 2008:Sales of $35.2 billion, up 38% compared with Q307
EBITDA1, 2 of $8.6 billion, up 76% compared with Q307
Net income of $3.8 billion, up 29% as compared with Q307
Capital expenditures of $1.8 billion in Q308
Total return to ArcelorMittal shareholders of $2.3 billion, of which $0.5 billion in cash dividends
paid and $1.8 billion in share buy-backs
Base dividend to be maintained at $1.50 per share for 2009
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, ArcelorMittal, said:We have announced today strong results for the quarter with EBITDA of US$8.6 billion. Looking forward, we have also announced necessary and responsible measures to ensure we are well adapted to the current environment. Our focus remains on cost-leadership and service to customers. The current period of de-stocking requires that we make appropriate production cuts to seek to rebalance supply and demand, and we are also accelerating efforts to pay down debt. ArcelorMittal, with its diversified business model, strong cash-flow and cost leadership position, is well placed to weather the challenging economic environment we currently face. We remain optimistic about the industry's medium-term growth prospects, but it is appropriate to pause our growth strategy until we have a more settled economic outlook."
Outlook for the three months ended December 31, 2008The Company expects fourth quarter 2008 EBITDA to be in the range of $2.5-$3.0 billion due to increased production cuts following weaker demand across all segments as a consequence of the current credit and economic environment. The Company expects positive cash flow from operations for the fourth quarter of 2008, and capital expenditures for the fourth quarter of 2008, to be approximately $1.5 billion.
About ArcelorMittalArcelorMittal is the world's leading steel company, with over 320,000 employees in more than 60 countries.
ArcelorMittal is the leader in all 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 all of the 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 the sustainable management of the environment and of finite resources. ArcelorMittal recognises 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 USD 105.2 billion and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com