Steel outlook: Chairman and chief executive cfficer Lakshmi Mittal
ARCELORMITTAL, the world’s largest steelmaker, forecast a sharp pick-up in the second quarter due to higher demand and prices in all main markets after a weaker-than-expected first three months.
The Luxembourg-based company, which has about eight per cent of the global market, said today its much-watched core profit (EBITDA) would rise nearly 60 per cent in the second quarter from the first after a dip in the January-March period. The $2.8bn (£1.8bn) to $3.2bn (£2.09bn) forecast for April-June was on balance more bullish than the average $2.9bn (£1.9bn) figure analysts had pencilled in. “The economic recovery is continuing in line with our expectations and 2010 is set to be a stronger year for ArcelorMittal,” chief executive Lakshmi Mittal said in a statement. “The year has started with improved demand in all our main markets, which will have a positive impact in the second quarter,” he said. First-quarter shipments rose but were offset by lower average selling prices and increased costs, as the company had predicted. For the second quarter, ArcelorMittal said both shipments and prices would rise.
No Comments Posted yet
Do you have comments on this?