) announced that it has completed the issuance of €600 million
($680 million) 2.875% Notes under the €3 billion (roughly $4
billion) wholesale Euro Medium Term Notes Programme ("EMTN"). The
proceeds from the issuance will be utilized for general corporate
ArcelorMittal posted a net loss of $0.2 billion or 12 cents per
share in first-quarter 2014, narrower than a net loss of $0.3
billion or 21 cents a year ago.
Revenues inched up 0.2% year over year to $19.8 billion in the
reported quarter. Sales were almost unchanged from the prior
quarter as improved steel shipments were partly offset by lower
average steel selling prices, seasonally lower market priced iron
ore shipments and lower iron ore reference prices. Steel shipments
rose 2.4% year over year to 21 million metric tons.
ArcelorMittal reaffirmed its projection for earnings before
interest, taxes, depreciation and amortization (EBITDA) of about $8
billion for 2014. The company expects a recovery in the U.S. and
Europe to aid its results this year. It forecasts net interest
expense to be roughly $1.6 billion in 2014, down from $1.8 billion
in 2013, mainly due to lower average debt.
As part of its management gain improvement target of $3 billion by
the end of next year, the company has set action plans and detailed
targets for its various business units.
ArcelorMittal currently has a Zacks Rank #3 (Hold).
Other companies in the steel industry with a favorable Zacks
Grupo Simec S.A.B. de C.V.
Universal Stainless & Alloy Products Inc.
). While Grupo Simec and Universal Stainless & Alloy Products
sport a Zacks Rank #1 (Strong Buy), ThyssenKrupp carries a Zacks
Rank #2 (Buy).
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