ArcelorMittal Flat Carbon Europe Reports EUR43 mn Q1 Operating Loss
OREANDA-NEWS. May 17, 2013. ArcelorMittal announced results for its Flat Carbon Europe segment for the first quarter of 2013.
The segment recorded an operating loss of EUR 43 million for the first quarter of 2013 which excludes interest and tax costs. This is compared to an operating loss of EUR 2,212 million in 4Q 2012 that had included a EUR 1.9 billion write down of goodwill due to the weaker macro economic and market environments in Europe.
Compared to Q4 2012, the segment’s crude steel production increased 14.2% to 7.3 Mt in Q1 2013 due to a stock re-build following weak demand in the fourth quarter of 2012. Production in 1Q 2013 improved, benefiting from the restart of furnaces at Asturias and Dunkerque.
Steel shipments for Q1 2013 increased to 6.9 Mt, an increase of 15.7% as compared to 6.0 Mt for Q4 2012. Steel shipments increased in 1Q 2013 due to a pick up following the seasonally weaker period.
Sales were EUR 5.2 billion for Q1 2013, 10.6% increase as compared to EUR 4.7 billion for Q4 2012. Sales benefited from higher steel shipment volumes offset in part by lower selling prices following weak iron ore pricing during Q4 2012.
Capital expenditure in the segment for the first quarter of 2013 was EUR 157 million
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