ArcelorMittal Flat Carbon Europe reports €366m operating loss for Q4 2013
7 February 2014 - ArcelorMittal today announced results for its Flat Carbon
Europe segment for the fourth quarter of 2013.
The segment recorded an operating loss of €366m for Q4 2013. Operating
performance in the fourth quarter was impacted by net restructuring charges of
€236m, primarily as a result of the industrial and social plan in Liege and
review of Florange primary production.
Q4 2013 losses compare with an operating loss of €131m in Q3 2013.
This segment's crude steel production remained flat, compared to Q3 2013, at
7.4 million tonnes.
Steel shipments in Q4 2013 were 6.7 million tonnes, an increase of 1.6% as
compared to the previous quarter, due to a mild pick- up in demand following the
seasonally weak third quarter.
Sales in the Flat Carbon Europe segment also increased by 0.8% to €4.83bn,
compared with €4.78bn in the third quarter. This was primarily due to higher
steel shipment volumes.
Ebitda for the quarter increased by 11.6% to €163m, compared with €146m in the
third quarter. This resulted mainly from a positive volume effect and excellent
operational performance across FCE mills.
Commenting, Geert Van Poelvoorde, CEO Flat Carbon Europe, said:
"We are seeing the positive effects of asset optimisation and an improved
operational performance across FCE mills in 2013 results. With a recovery in
underlying steel demand and mild restocking, we expect to see European steel
demand rise by around 2% in 2014."
Eurozone GDP growth gained momentum in the fourth quarter of 2013, with
estimated growth of 0.3% quarter on quarter. However, GDP is estimated to have
contracted by 0.4% in the full year 2013. This year, Eurozone GDP is expected to
grow by around 1% in 2014. This growth will be led by Germany (+2.1%). The EU28
outlook is better due to stronger growth in the Czech Republic, Poland and the
UK.
However growth will remain fragile in 2014 especially in southern Europe,
constrained by a continued fall in credit availability and a high (although
recently stabilising) unemployment rate which will continue to put pressure on
consumer spending.
Automotive sales grew by 6% year on year in Q4 2013, with strong growth in
December 2013 sales led by the UK and Spain. However for the full year 2013,
sales contracted by 1.7% year on year.
The January 2014 Eurozone Flash PMI is the highest since mid-2011, led by an
increase in new orders.
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence
in more than 60 countries and an industrial footprint in over 20 countries.
Guided by a philosophy to produce safe, sustainable steel, we are the leading
supplier of quality steel in the major global steel markets including
automotive, construction, household appliances and packaging, with world-class
research and development and outstanding distribution networks.
Through our core values of sustainability, quality and leadership, we operate
responsibly with respect to the health, safety and wellbeing of our employees,
contractors and the communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of the modern world
from railways to cars and washing machines. We are actively researching and
producing steel-based technologies and solutions that make many of the products
and components we use in our everyday lives more energy-efficient.
We are one of the world's five largest producers of iron ore and metallurgical
coal and our mining business is an essential part of our growth strategy. With a
geographically diversified portfolio of iron ore and coal assets, we are
strategically positioned to serve our network of steel plants and the external
global market. While our steel operations are important customers, our supply to
the external market is increasing as we grow.
In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel production
of 88.2 million tonnes, while iron ore production reached 55.9 million tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT),
Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona,
Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: www.arcelormittal.com.
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FCE Q4 graph:
http://hugin.info/154658/R/1760006/595475.pdf
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Source: ArcelorMittal S.A. via GlobeNewswire
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