) has announced the issuance of €750 million (roughly $1 billion)
3% notes under its €3 billion (around $4.1 billion) wholesale
Euro Medium Term Notes Program. The Notes are due March 25, 2019,
and the proceeds from the issuance will be utilized for general
ArcelorMittal, the world's leading steel company, recently
hosted its Investor day. The company reaffirmed its 2014 outlook
of 3.5% to 4% growth in the global steel market.
ArcelorMittal highlighted its key value drivers and key
enablers including a strong balance sheet, active portfolio
management, a decentralized organizational structure and the best
talent. The company stated that its medium-term earnings before
interest, tax, depreciation and amortization (EBITDA) will be
$150 per ton.
Meanwhile, the company will streamline its management and
reorganize its steel businesses by geography effective Jan 1,
2014. External reporting will follow this structure under the new
segments: ACIS, Brazil (and neighboring countries), Europe,
Mining and NAFTA.
ArcelorMittal, on Feb 7, posted a net loss of $1.2 billion or
69 cents per share for the fourth quarter of 2013, narrower than
the net loss of $3.8 billion or $2.47 per share a year ago, due
to lower impairment charges.
Adjusted loss of 31 cents per share was, however, wider than
the Zacks Consensus Estimate of a loss of 16 cents per share. For
full-year 2013, ArcelorMittal posted a net loss of $2.5 billion
or $1.46 per share, lower than the net loss of $3.4 billion or
$2.17 per share recorded in 2012.
Revenues rose 2.8% year over year to $19.8 billion in the
reported quarter but missed the Zacks Consensus Estimate of $20.1
billion. For 2013, revenues decreased 5.7% to $79.4 billion in
2013 from $84.2 billion in 2012, mainly due to lower average
steel selling prices.
ArcelorMittal is a Zacks Rank #4 (Buy) stock.
Other companies in the steel and related industries with
favorable Zacks Rank are
Norsk Hydro ASA
Worthington Industries, Inc.
). All of them retain a Zacks Rank #2 (Buy).
ARCELOR MITTAL (MT): Free Stock Analysis
NORSK HYDRO ADR (NHYDY): Get Free Report
NN INC (NNBR): Free Stock Analysis Report
WORTHINGTON IND (WOR): Free Stock Analysis
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