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ArcelorMittal swings to Q2 net loss of $780M

  • ArcelorMittal (MT): Q2 net loss of $780M vs a profit of $1B a year earlier and consensus for a profit of $117M.
  • 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)
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