Arcelor Mittal

In Q2, ArcelorMittal increased its net profit

Today, the largest steel company in the world ArcelorMittal announced its financial results in the second quarter and first six months of 2015. According to the company, in the second quarter, its net profit under IAS made up $179 million as compared with the net loss in the amount of $728 million in the previous quarter. EBITDA amounted to $1.4 billion, which corresponds to the first quarter of 2015, but by 20.6% less than in the second quarter of 2014.
In the second quarter, ArcelorMittal increased sales volumes of steel production to 22.2 million tons, which is by 2.2% more than in the first quarter and by 3.4% more than in the same period of the previous year.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

ArcelorMittal Temirtau intends to cut salaries by 25% from August 1st

ArcelorMittal Temirtau has announces its plans to cut salaries to all employees by 25% from August 1st.
"Due to the unprecedented market conditions, in which ArcelorMittal Temirtau has to work today, the company has informed the Government of Kazakhstan, the trade unions and their employees about its intention to reduce wages to all employees by approximately 25% from August 1st," – the company’s message says.
The company immediately begins negotiations with the trade unions leaders.
"The management of the company personally met with members of the Kazakh Government to explain the reasons for pay cut" – the message says.
As general director of ArcelorMittal Temirtau, Vijay Mahadevan stated, the company's management held meetings with employees, during which the need for such an extreme measure was explained to them.
"First of all, the reduction of costs is an extremely necessary measure if the company wants to have a stable future. Secondly, we believe that this sacrifice is preferable than the cut of a large number of job," – the message cites words of the company’s CEO.
According to him, several external factors affect the activity in the production of metals and coal and ore mining, resulting in significant losses, incurred by the company.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

L. Mittal doesn’t plan to sell assets in the Ukraine

Arcelor Mittal has denied the information on the sale of its assets in Kazakhstan, the Ukraine and South Africa.  
“The conditions of working in these regions are very difficult due to the combination of low economic activity and fall of demand for steel, that in its turn is complicated by a high level of import from China and other countries. The devaluation of the rouble also influences on the competitiveness of Kazakhstan. Due to these factors, Arcelor Mittal now focuses on the implementation of measures directed for the improvement of operational activity of its enterprises”, is reported.
Previously L. Mittal was reported to be likely to sell his assets in Kazakhstan, the Ukraine and South Africa.  

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

ArcelorMittal actively opposes switch of global automotive industry to aluminum sheet

As the Bloomberg reports, after last year Ford Motor Co. for It announced that it would use aluminum instead of steel in the manufacture of machinery, leading steel producers were taken by surprise.
Currently, ArcelorMittal made a bilateral response to prevent the desertion of other customers, including General Motors Co., Fiat Chrysler Automobiles NV and Japanese motor companies.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

ArcelorMittal Temirtau offers non-monetary payment to its contractors

​ ArcelorMittal Temirtau JSC owes 563 mln tenge to its contractors (over $3 mln) and suggests paying by debt relief before the communal enterprise “Okzhetpes”.
“Some contractors haven’t been paid for the executed works in February. It means taxes and salaries haven’t been paid”, the head of the trade union, N. Popova, says.
Today there are 20 such enterprises in the trade union and about 1.5 thousand employees, she said.
The employees of contractors are about to start a strike.
ArcelorMittal Temirtau said that the situation with the sale of metal products stays very complicated after the devaluation of the Russian rouble. The company will go on buying goods, works and services for about $2 bln. Over 70% of these funds will stay in Kazakhstan.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

The Ukraine’s mining and metallurgical enterprises are about to be shut down

In the near future some enterprise of the mining and metallurgical sector of the Ukraine might be shut down due to the absence of working capital.
The head of the Federation of Metallurgists of the Ukraine, S. Belenkiy, said that the Government owes over 6 bln grivna of non-returned value added tax to metallurgical plants.
“If this issue is not settled in the positive direction in the near future, some enterprises might be shut down”, he said.
The Government owes over 1 bln grivna of non-returned VAT to the mining companies of the Ukraine.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Nazarbaev and Mittal have discussed the role of ArcelorMittal in the economy of Kazakhstan

​The company’s participation in the development of the country’s economy and perspectives of its activity taking into account current state programs of Kazakhstan were discussed at the meeting of the President, N. Nazarbaev, with the CEO of Arcelor Mittal, L. Mittal.
The operation of Arcelor Mittal in Temirtau was approved and the necessity of its stable functioning in the world economy emphasized. ArcelorMittal Steel Temirtau OJSC is a large mining and metallurgical company in Kazakhstan. The production capacity of the plant is 4 mln tons of steel a year. The company also works at 8 coal mines in the Karaganda region and 4 iron ore enterprises in the Central and Northern parts of Kazakhstan.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

The Ukrainian subdivision of ArcelorMittal reduced steel output by 8%

​In May 2015 ArcelorMittal Krivoi Rog produced 561.2 thousand tons of steel against 607.9 thousand tons in May 2014.
ArcelorMittal Krivoi Rog in May 2015 significantly reduced the output of the main types of metal products. Steel making fell by 7.7% to 561.2 thousand tons against May 2014, finished rolled products – by 5.8% to 491.3 thousand tons and cast iron – by  5.9% to 496.4 thousand tons.
The CEO of ArcelorMittal Krivoi Rog, P. Kalon, says that the fall of production was planned and met the situation in the market.
“The production level was lower than in May 2014 in conformity with the preliminary forecast of weak demand for long rolled products in the domestic and export markets and due to the significant price fall for metal products”, Mr. Kalon said.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

ArcelorMittal makes loss in Q1

​ArcelorMittal has announced of its loss in Q1 2015 at the amount of $728 mln against $205 mln in Q1 2014. The company says one of the reasons was low price for iron ore and low level of production activity in the US steel sector. The volume of iron ore output rose by 5.4% to 15.6 mln tons, on the other hand, ore supplies in Q1 rose to 21.6 mln tons while steel making rose from 23 to 23.7 mln tons.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

ArcelorMittal increased loss by 3.5 times

​In Q1 2015 ArcelorMittal increased its net loss by 3.6 times to $728 mln against Q1 2014 but decreased it by 23% against Q4 2014.
The sales in Q1 made up $17.118 bln, by 13.5% less in annual terms and by 8.6% less against Q4 2014.
EBITDA fell by 21.4% in annual terms and by 24.1% in quarterly terms to $1.378 bln.
The quarterly operational profit of ArcelorMittal fell by 15.3% to $571 mln in annual terms while compared to Q4 the growth is 0.35%.
CEO and chairman of ArcelorMittal, L. Mittal, said the company faced a number of difficulties in Q1 such as the price fall for iron ore, strengthening of a dollar’s rate and growth of steel import in the USA. As a result EBITDA fell to $1.4 bln though the basic profit of the steel business stayed at the level of Q1 2014. Moreover, the results of operation of the European division showed the growth of EBITDA by 15% in annual terms. To smooth the influence of these problems, the company focused on the reduction of expenditure on the extraction of iron ore by 15% and improvement of competiveness in the USA. ArcelorMittal still expects a positive free monetary flow.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
42a Pushkina Street; Ufa, Bashkortostan 450076; Russia
E 54° 43.48836" N 55° 55.52346"
Telephone: +7 927 303 00 25

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer