Sales -10% to $20.2B.
EBITDA -34% to $1.7B, in line.
Steel shipments -1.8% to 21.7M metric tons.
Results hurt by continued losses in Europe; takes restructuring charges of $173M, including $137M for idling facilities at Florange in France, while output suffered in the U.S. due to labor problems and operational issues.
Net debt drops to $16.2B from $21.8B in December, ahead of plan.
Still expects global steel demand to grow by 3% this year; raises outlook for China but lowers it for Europe and U.S.
Cuts 2013 EBITDA outlook to $6.5B from above $7.1B previously, primarily due to lower-than-expected steel demand in North America and Europe, but believes that its underlying performance should improve vs H2 2012, which "marked the lowest point in the cycle."
Shares -2.6% in Amsterdam. (PR)