Exhibit No.
|
Description
|
Exhibit 99.1
|
Press release dated May 10, 2013 announcing that ArcelorMittal reports first quarter 2013 results.
|
By: | /s/ Henk Scheffer | ||
Name: |
Henk Scheffer
|
||
Title: |
Company Secretary
|
Exhibit No.
|
Description
|
Exhibit 99.1
|
Press release dated May 10, 2013 announcing that ArcelorMittal reports first quarter 2013 results.
.
|
|
Highlights:
|
·
|
Health and safety performance improved in 1Q 2013 with a LTIF rate3 of 0.9x as compared to 1.1x at 4Q 2012
|
·
|
EBITDA4 of $1.6 billion in 1Q 20135 as compared to $1.6 billion in 4Q 20126 (which included $0.5 billion of gains from asset disposal and CO2 credit sales)
|
·
|
Steel shipments of 20.9 Mt, an increase of 4.7% as compared to 4Q 2012
|
·
|
13.1 Mt own iron ore production; 7.3 Mt shipped and reported at market prices7 vs. 6.8 Mt in 1Q 2012
|
·
|
Net debt8 decreased by $3.8 billion during 1Q 2013 to $18.0 billion as of March 31, 2013 due largely to proceeds from combined offering14 ($4 billion) and proceeds from the first tranche of AMMC 15% stake sale ($0.8 billion), partially offset by working capital investment ($0.5 billion)
|
·
|
Liquidity9 improved to $18 billion from $14.5 billion at end 4Q 2012; average debt maturity of 6.0 years
|
·
|
$0.2 billion New Management Gains achieved during 1Q 2013, from implementation of the new plan to achieve $3 billion of improvement by the end of 2015
|
·
|
The Company reiterates its guidance framework for 2013: Assuming that in 2013 iron ore prices and the margin of steel prices over raw material costs are similar to the levels of 2012, the Company expects to report EBITDA above $7.1 billion
|
·
|
The anticipated improvement in underlying profitability in 2013 is expected to be driven by three factors: a) a 2% increase in steel shipments; b) an approximate 20% increase in marketable iron ore shipments; and c) the realized benefits from Asset Optimization and Management Gains initiatives
|
·
|
EBITDA in 2Q 2013 is expected to be above 1Q 2013 levels. Together with an anticipated release of working capital and receipt of previously announced disposal proceeds, this should support a further reduction in net debt to approximately $17 billion by end June 2013
|
·
|
2013 capital expenditures are expected to be approximately $3.5 billion
|
Quarterly comparison
|
|||||
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales
|
19,752
|
19,309
|
19,723
|
22,478
|
22,703
|
EBITDA
|
1,565
|
1,557
|
1,445
|
2,559
|
2,118
|
Operating income / (loss)
|
404
|
(4,711)
|
55
|
1,207
|
804
|
Net (loss) / income
|
(345)
|
(3,808)
|
(652)
|
1,016
|
92
|
Basic (loss) / earnings per share (USD)
|
(0.21)
|
(2.47)
|
(0.42)
|
0.66
|
0.06
|
Continuing operations
|
|||||
Own iron ore production (Mt)
|
13.1
|
14.0
|
14.3
|
14.4
|
13.2
|
Iron ore shipments at market price (Mt)
|
7.3
|
6.6
|
7.1
|
8.2
|
6.8
|
Crude steel production (Mt)
|
22.4
|
20.8
|
21.9
|
22.8
|
22.8
|
Steel shipments (Mt)
|
20.9
|
20.0
|
19.9
|
21.7
|
22.2
|
EBITDA/tonne (USD/t) 10
|
75
|
78
|
73
|
118
|
95
|
Date
|
New York
|
London
|
Luxembourg
|
Friday May 10, 2013
|
9.30am
|
2.30pm
|
3.30pm
|
The dial in numbers:
|
|||
Location
|
Toll free dial in numbers
|
Local dial in numbers
|
Participant
|
UK local:
|
0800 169 3059
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+44 (0)207 970 0006
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642536#
|
USA local:
|
1800 814 6417
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+1 215 599 1757
|
642536#
|
France:
|
0800917772
|
+33 170707578
|
642536#
|
Germany:
|
08009646526
|
+49 6940359700
|
642536#
|
Spain:
|
900994921
|
+34 914140992
|
642536#
|
Luxembourg:
|
80024686
|
+352 24871048
|
642536#
|
Brazil
|
0800 8914821
|
+55 212 7306901
|
642536#
|
A replay of the conference call will be available for one week by dialing
|
|||
Language
|
Access code
|
||
+49 (0) 1805 2043 089
|
English
|
443101#
|
Own personnel and contractors - Frequency Rate
|
|||||
Lost time injury frequency rate
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
Total Mines
|
0.8
|
0.5
|
0.7
|
0.5
|
1.0
|
Lost time injury frequency rate
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
Flat Carbon Americas
|
0.6
|
1.4
|
0.9
|
1.1
|
0.9
|
Flat Carbon Europe
|
1.0
|
1.2
|
1.4
|
1.2
|
1.5
|
Long Carbon Americas and Europe
|
1.2
|
1.5
|
1.2
|
0.9
|
1.0
|
Asia Africa and CIS
|
0.4
|
0.6
|
0.5
|
0.3
|
0.6
|
Distribution Solutions
|
1.2
|
2.0
|
1.2
|
1.2
|
2.1
|
Total Steel
|
0.9
|
1.2
|
1.0
|
0.9
|
1.1
|
Lost time injury frequency rate
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
Total (Steel and Mines)
|
0.9
|
1.1
|
1.0
|
0.8
|
1.1
|
·
|
For the sixth consecutive year, ArcelorMittal USA has been awarded the 2013 ENERGY STAR® by the U.S. Environmental Protection Agency (EPA) for its sustained efforts in energy efficiency improvement. Best practice applications and targeted investments helped achieve an annual 1.87% reduction in energy intensity during 2012.
|
·
|
ArcelorMittal Florange, France, launched the world’s first production line for Usibor® extra-wide sheets up to 1,850mm. Usibor® steel meets in a cost effective way the automotive customer requirements to reduce the weight of vehicles, thus cutting tailpipe emissions and CO2 in particular, whilst also improving their safety performance in use.
|
·
|
ArcelorMittal was presented the gold class award within the steel sector in the 2013 RobecoSAM Sustainability Yearbook. This annual assessment benchmarks the performance of the world’s largest 2,500 companies in ethics, the environment and social areas. It is also the basis for the Dow Jones Sustainability Index (DJSI).
|
·
|
ArcelorMittal University has been granted the Corporate Learning Improvement Process (CLIP) accreditation of the European Foundation of Management Development (EFMD), in recognition of the high quality of its training programs and its contribution to employees’ career development. Only 16 other international companies’ corporate universities have achieved the same accreditation. ArcelorMittal University trained 27,000 employees in 2012.
|
Segment
|
Site
|
Project
|
Capacity / particulars
|
Actual completion
|
Mining
|
Andrade Mines (Brazil)
|
Andrade expansion
|
Increase iron ore production to 3.5mt / year
|
4Q 2012
|
Mining
|
ArcelorMittal Mines Canada
|
Replacement of spirals for enrichment
|
Increase iron ore production by 0.8mt / year
|
1Q 2013
|
Segment
|
Site
|
Project
|
Capacity / particulars
|
Forecasted completion
|
Mining
|
ArcelorMittal Mines Canada
|
Expansion project
|
Increase concentrator capacity by 8mt/year (16 to 24mt / year)
|
1H 2013
|
Mining
|
Liberia mines
|
Phase 2 expansion project
|
Increase production capacity to 15mt/ year (iron ore concentrate)
|
2015 (b)
|
Mining
|
Baffinland
|
Early Revenue Phase
|
Production capacity 3.5mt/ year (iron ore)
|
2015 (c)
|
FCA
|
ArcelorMittal Dofasco (Canada)
|
Optimization of galvanizing and galvalume operations
|
Optimize cost and increase galvalume production by 0.1mt / year
|
On hold
|
FCA
|
ArcelorMittal Vega Do Sul (Brazil)
|
Expansion project
|
Increase HDG capacity by 0.6mt / year and CR capacity by 0.7mt / year
|
On hold
|
LCA
|
Monlevade (Brazil)
|
Wire rod production expansion
|
Increase in capacity of finished products by 1.15mt / year
|
On hold
|
a)
|
Ongoing projects refer to projects for which construction has begun (excluding various projects that are under development), or have been placed on hold pending improved operating conditions.
|
b)
|
The Company’s Board of Directors has approved the Phase 2 expansion of the Liberia project that would lead to annual concentrate production capacity of 15 million tonnes per annum. The first concentrate production is expected in 2015, replacing the Phase 1 – 4 million tonnes per annum direct-shipped operation.
|
c)
|
The Company’s Board of Directors have approved the Early Revenue Phase (“ERP”) at Baffinland, which requires less capital investment than the full project as originally proposed. Implementation of the ERP is now underway with a goal to reach a 3.5MT per annum production rate by 2015. The budget for the ERP is approximately $700 million and will require the upgrading of the road that connects the existing port in Milne Inlet to the mine site as well as modifications to existing permits that are expected to be granted in 2013 and in the first half of 2014.
|
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales
|
4,859
|
4,683
|
4,840
|
5,359
|
5,270
|
EBITDA
|
443
|
294
|
326
|
563
|
757
|
Operating income
|
200
|
59
|
90
|
332
|
529
|
Crude steel production (Kt)
|
6,197
|
5,933
|
5,726
|
6,014
|
6,249
|
Steel shipments (Kt)
|
5,559
|
5,533
|
5,351
|
5,735
|
5,672
|
Average steel selling price (US$/t)
|
819
|
797
|
850
|
881
|
886
|
EBITDA/tonne (US$/t)
|
80
|
53
|
61
|
98
|
133
|
Operating income /tonne (US$/t)
|
36
|
11
|
17
|
58
|
93
|
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales
|
6,834
|
6,142
|
6,108
|
7,223
|
7,719
|
EBITDA
|
300
|
308
|
191
|
383
|
131
|
Operating loss
|
(59)
|
(2,900)
|
(385)
|
(152)
|
(283)
|
Crude steel production (Kt)
|
7,279
|
6,375
|
6,718
|
7,143
|
7,182
|
Steel shipments (Kt)
|
6,890
|
5,957
|
5,837
|
6,771
|
7,461
|
Average steel selling price (US$/t)
|
831
|
847
|
856
|
884
|
861
|
EBITDA/tonne (US$/t)
|
44
|
52
|
33
|
57
|
18
|
Operating loss /tonne (US$/t)
|
(9)
|
(487)
|
(66)
|
(22)
|
(38)
|
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales
|
5,103
|
5,232
|
5,189
|
5,698
|
5,763
|
EBITDA
|
419
|
422
|
340
|
575
|
448
|
Operating income / (loss)
|
185
|
(1,092)
|
113
|
344
|
121
|
Crude steel production (Kt)
|
5,722
|
5,240
|
5,713
|
5,885
|
5,785
|
Steel shipments (Kt)
|
5,394
|
5,543
|
5,508
|
5,839
|
5,738
|
Average steel selling price (US$/t)
|
858
|
857
|
861
|
885
|
910
|
EBITDA/tonne (US$/t)
|
78
|
76
|
62
|
98
|
78
|
Operating income (loss) /tonne (US$/t)
|
34
|
(197)
|
21
|
59
|
21
|
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales
|
2,129
|
2,130
|
2,457
|
2,677
|
2,787
|
EBITDA
|
19
|
222
|
72
|
122
|
163
|
Operating income / (loss)
|
(117)
|
36
|
(84)
|
(36)
|
5
|
Crude steel production (Kt)
|
3,245
|
3,241
|
3,721
|
3,691
|
3,615
|
Steel shipments (Kt)
|
3,104
|
2,978
|
3,178
|
3,321
|
3,353
|
Average steel selling price (US$/t)
|
620
|
611
|
658
|
687
|
705
|
EBITDA/tonne (US$/t)
|
6
|
75
|
23
|
37
|
49
|
Operating income (loss) /tonne (US$/t)
|
(38)
|
12
|
(26)
|
(11)
|
1
|
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales
|
3,553
|
3,855
|
3,716
|
4,292
|
4,431
|
EBITDA / (EBITDA loss)
|
15
|
(24)
|
11
|
385
|
35
|
Operating income / (loss)
|
(16)
|
(977)
|
(32)
|
331
|
(10)
|
Steel shipments (Kt)
|
4,063
|
4,463
|
4,118
|
4,523
|
4,589
|
Average steel selling price (US$/t)
|
851
|
834
|
869
|
920
|
919
|
(USDm) unless otherwise shown
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Sales12
|
1,199
|
1,279
|
1,314
|
1,602
|
1,298
|
EBITDA
|
433
|
327
|
396
|
548
|
484
|
Operating income
|
286
|
186
|
255
|
414
|
354
|
Own iron ore production (a) (Mt)
|
13.1
|
14.0
|
14.3
|
14.4
|
13.2
|
Iron ore shipped externally and internally and reported at market price (b) (Mt)
|
7.3
|
6.6
|
7.1
|
8.2
|
6.8
|
Own coal production(a) (Mt)
|
2.0
|
2.0
|
2.0
|
2.1
|
2.1
|
Coal shipped externally and internally and reported at market price(b) (Mt)
|
1.3
|
1.3
|
1.2
|
1.4
|
1.2
|
·
|
On March 15, 2013 ArcelorMittal announced the completion of the first instalment of the previously announced investment by a consortium led by POSCO and China Steel Corporation (CSC) to acquire an interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada. The consortium acquired an 11.05% interest in the joint venture for total consideration of $810 million in cash, with ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada retaining an 88.95% interest in the joint venture. As part of its strategy to build strategic relationships with key customers, the joint venture has also entered into long-term iron ore off-take agreements with POSCO and CSC proportionate to the consortium’s joint venture interests. The second instalment of the investment by the consortium ($290 million), which will increase the consortium’s interest in the joint venture to 15%, remains subject to customary conditions and is expected to close in the second quarter of 2013.
|
·
|
In April 2013, ArcelorMittal Atlantique and Lorraine announced the end of its information and consultation period within the Company’s and Local Works Councils, relating to the ArcelorMittal Atlantique and Lorraine’s industrial and commercial project. Hence the mothballing of Florange’s liquid phase and the implementation of the wider industrial and commercial project, as well as social negotiations, can begin. The mothballing of Florange’s liquid phase is scheduled to be completed by the end of June 2013. As part of its commitment, ArcelorMittal has launched a €180 million investment programme for the Florange plant. This investment has already begun, with €55 million invested to ensure the viability of the coke plant and sustain the development plan for high width Usibor®. Florange is now the only plant in the world capable of producing high width Usibor® Alusi®, giving the site a greater advantage within the automotive market.
|
In millions of U.S. dollars
|
March 31,
|
December 31,
|
March 31,
|
||
2013
|
20122
|
20122
|
|||
ASSETS
|
|||||
Cash and cash equivalents including restricted cash
|
7,977
|
4,540
|
4,937
|
||
Trade accounts receivable and other
|
6,130
|
5,085
|
7,939
|
||
Inventories
|
18,389
|
19,003
|
21,178
|
||
Prepaid expenses and other current assets
|
3,319
|
3,154
|
3,535
|
||
Assets held for sale
|
-
|
-
|
437
|
||
Total Current Assets
|
35,815
|
31,782
|
38,026
|
||
Goodwill and intangible assets
|
9,365
|
9,581
|
14,205
|
||
Property, plant and equipment
|
52,507
|
53,989
|
55,138
|
||
Investments in affiliates and joint ventures
|
6,923
|
7,181
|
7,152
|
||
Deferred tax assets
|
7,994
|
8,221
|
6,722
|
||
Other assets
|
3,163
|
3,244
|
3,397
|
||
Total Assets
|
115,767
|
113,998
|
124,640
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||
Short-term debt and current portion of long-term debt
|
$4,234
|
$4,348
|
$2,981
|
||
Trade accounts payable and other
|
11,558
|
11,407
|
12,875
|
||
Accrued expenses and other current liabilities
|
7,416
|
8,082
|
8,298
|
||
Total Current Liabilities
|
23,208
|
23,837
|
24,154
|
||
Long-term debt, net of current portion
|
21,745
|
21,965
|
25,523
|
||
Deferred tax liabilities
|
2,896
|
2,958
|
3,470
|
||
Other long-term liabilities
|
14,963
|
14,772
|
14,105
|
||
Total Liabilities
|
62,812
|
63,532
|
67,252
|
||
Equity attributable to the equity holders of the parent
|
49,522
|
47,016
|
53,533
|
||
Non–controlling interests
|
3,433
|
3,450
|
3,855
|
||
Total Equity
|
52,955
|
50,466
|
57,388
|
||
Total Liabilities and Shareholders’ Equity
|
115,767
|
113,998
|
124,640
|
In millions of U.S. dollars
|
Three months ended
|
||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|
2013
|
20122
|
20122
|
20122
|
20122
|
|
Sales
|
19,752
|
19,309
|
19,723
|
22,478
|
22,703
|
Depreciation
|
(1,161)
|
(1,240)
|
(1,162)
|
(1,162)
|
(1,138)
|
Impairment
|
-
|
(4,836)
|
(130)
|
-
|
(69)
|
Restructuring charges
|
-
|
(192)
|
(98)
|
(190)
|
(107)
|
Operating income / (loss)
|
404
|
(4,711)
|
55
|
1,207
|
804
|
Operating margin %
|
2.0%
|
(24.4%)
|
0.3%
|
5.4%
|
3.5%
|
Income / (loss) from equity method investments and other income
|
(18)
|
138
|
(56)
|
118
|
(15)
|
Net interest expense
|
(478)
|
(478)
|
(479)
|
(456)
|
(461)
|
Foreign exchange and other net financing (losses)
|
(155)
|
(409)
|
(148)
|
(77)
|
(407)
|
Income (loss) before taxes and non-controlling interests
|
(247)
|
(5,460)
|
(628)
|
792
|
(79)
|
Current tax
|
(61)
|
(94)
|
(101)
|
(171)
|
(136)
|
Deferred tax
|
(36)
|
1,650
|
57
|
389
|
312
|
Income tax benefit / (expense)
|
(97)
|
1,556
|
(44)
|
218
|
176
|
Income / (loss) from continuing operations including non-controlling interest
|
(344)
|
(3,904)
|
(672)
|
1,010
|
97
|
Non-controlling interests
|
(1)
|
96
|
20
|
6
|
(5)
|
Net income / (loss) from continuing operations
|
(345)
|
(3,808)
|
(652)
|
1,016
|
92
|
Basic earnings / (loss) per common share ($)
|
(0.21)
|
(2.47)
|
(0.42)
|
0.66
|
0.06
|
Diluted earnings / (loss) per common share ($)
|
(0.21)
|
(2.47)
|
(0.42)
|
0.60
|
0.06
|
Weighted average common shares outstanding (in millions)
|
1,750
|
1,549
|
1,549
|
1,549
|
1,549
|
Adjusted diluted weighted average common shares outstanding (in millions)
|
1,751
|
1,549
|
1,549
|
1,638
|
1,549
|
EBITDA4
|
1,565
|
1,557
|
1,445
|
2,559
|
2,118
|
EBITDA margin %
|
7.9%
|
8.1%
|
7.3%
|
11.4%
|
9.3%
|
OTHER INFORMATION
|
|||||
Total iron ore production15 (million metric tonnes)
|
15.4
|
16.9
|
17.8
|
18.4
|
15.0
|
Crude steel production (million metric tonnes)
|
22.4
|
20.8
|
21.9
|
22.8
|
22.8
|
Total shipments of steel products16 (million metric tonnes)
|
20.9
|
20.0
|
19.9
|
21.7
|
22.2
|
Employees (in thousands)
|
243
|
246
|
252
|
256
|
259
|
In millions of U.S. dollars
|
Three months ended
|
March 31, 2013
|
December 31, 20122
|
September 30, 20122
|
June 30,
20122
|
March 31,
20122
|
|
Operating activities:
|
|||||
Income / (loss) from continuing operations
|
(345)
|
(3,808)
|
(652)
|
1,016
|
92
|
Adjustments to reconcile income / (loss) to net cash provided by operations:
|
|||||
Non-controlling interests
|
1
|
(96)
|
(20)
|
(6)
|
5
|
Depreciation and impairment
|
1,161
|
6,076
|
1,292
|
1,162
|
1,207
|
Restructuring charges
|
-
|
192
|
98
|
190
|
107
|
Deferred income tax
|
36
|
(1,650)
|
(57)
|
(389)
|
(312)
|
Change in operating working capital17
|
(549)
|
2,044
|
(307)
|
1,381
|
(289)
|
Other operating activities (net)
|
(606)
|
134
|
(685)
|
(1,086)
|
(298)
|
Net cash (used in) provided by operating activities
|
(302)
|
2,892
|
(331)
|
2,268
|
512
|
Investing activities:
|
|||||
Purchase of property, plant and equipment and intangibles
|
(927)
|
(1,129)
|
(1,217)
|
(1,117)
|
(1,254)
|
Other investing activities (net)
|
124
|
267
|
144
|
301
|
275
|
Net cash used in investing activities
|
(803)
|
(862)
|
(1,073)
|
(816)
|
(979)
|
Financing activities:
|
|||||
Proceeds (payments) relating to payable to banks and long-term debt
|
(21)
|
(549)
|
(80)
|
(1,416)
|
1,733
|
Dividends paid
|
(34)
|
(306)
|
(297)
|
(294)
|
(294)
|
Combined capital offering
|
3,978
|
-
|
-
|
-
|
-
|
Proceeds from subordinated perpetual securities
|
-
|
-
|
642
|
-
|
-
|
Disposal / (Acquisition)of non-controlling interest
|
810
|
(52)
|
-
|
(10)
|
-
|
Other financing activities (net)
|
(40)
|
(16)
|
(22)
|
(24)
|
(34)
|
Net cash (used in) provided by financing activities
|
4,693
|
(923)
|
243
|
(1,744)
|
1,405
|
Net increase (decrease) in cash and cash equivalents
|
3,588
|
1,107
|
(1,161)
|
(292)
|
938
|
Cash and cash equivalents transferred to / from assets held for sale
|
-
|
441
|
(441)
|
-
|
-
|
Effect of exchange rate changes on cash
|
(146)
|
33
|
33
|
(169)
|
90
|
Change in cash and cash equivalents
|
$3,442
|
$1,581
|
$(1,569)
|
$(461)
|
$1,028
|
USDm unless otherwise shown
|
Flat Carbon Americas
|
Flat Carbon Europe
|
Long Carbon Americas and Europe
|
AACIS
|
Distribution Solutions
|
Mining
|
FINANCIAL INFORMATION
|
||||||
Sales
|
4,859
|
6,834
|
5,103
|
2,129
|
3,553
|
1,199
|
Depreciation
|
(243)
|
(359)
|
(234)
|
(136)
|
(31)
|
(147)
|
Operating income / (loss)
|
200
|
(59)
|
185
|
(117)
|
(16)
|
286
|
Operating margin (as a % of sales)
|
4.1%
|
(0.9%)
|
3.6%
|
(5.5%)
|
(0.5%)
|
23.9%
|
EBITDA4
|
443
|
300
|
419
|
19
|
15
|
433
|
EBITDA margin (as a % of sales)
|
9.1%
|
4.4%
|
8.2%
|
0.9%
|
0.4%
|
36.1%
|
Capital expenditure18
|
85
|
208
|
140
|
88
|
12
|
389
|
OPERATIONAL INFORMATION
|
||||||
Crude steel production (Thousand MT)
|
6,197
|
7,279
|
5,722
|
3,245
|
-
|
-
|
Steel shipments (Thousand MT)
|
5,559
|
6,890
|
5,394
|
3,104
|
4,063
|
-
|
Average steel selling price ($/MT)19
|
819
|
831
|
858
|
620
|
851
|
-
|
MINING INFORMATION (Million Mt)
|
||||||
Iron ore production15
|
-
|
-
|
-
|
-
|
-
|
15.4
|
Coal production15
|
-
|
-
|
-
|
-
|
-
|
2.2
|
Iron ore shipped externally and internally and reported at market price7
|
-
|
-
|
-
|
-
|
-
|
7.3
|
Iron ore shipped internally and reported at cost-plus7
|
-
|
-
|
-
|
-
|
-
|
4.8
|
Coal shipped externally and internally and reported at market price7
|
-
|
-
|
-
|
-
|
-
|
1.3
|
Coal shipped internally and reported at cost-plus7
|
-
|
-
|
-
|
-
|
-
|
0.7
|
USDm unless otherwise shown
|
Flat Carbon Americas
|
Flat Carbon Europe
|
Long Carbon Americas and Europe
|
AACIS
|
Distribution Solutions
|
Mining
|
FINANCIAL INFORMATION
|
||||||
Sales
|
5,270
|
7,719
|
5,763
|
2,787
|
4,431
|
1,298
|
Depreciation
|
(228)
|
(358)
|
(220)
|
(150)
|
(40)
|
(130)
|
Impairment
|
-
|
-
|
(61)
|
(8)
|
-
|
-
|
Restructuring charges
|
-
|
(56)
|
(46)
|
-
|
(5)
|
-
|
Operating income / (loss)
|
529
|
(283)
|
121
|
5
|
(10)
|
354
|
Operating margin (as a % of sales)
|
10.0%
|
(3.7%)
|
2.1%
|
0.2%
|
(0.2%)
|
27.3%
|
EBITDA4
|
757
|
131
|
448
|
163
|
35
|
484
|
EBITDA margin (as a % of sales)
|
14.4%
|
1.7%
|
7.8%
|
5.8%
|
0.8%
|
37.3%
|
Capital expenditure18
|
212
|
261
|
229
|
141
|
25
|
379
|
OPERATIONAL INFORMATION
|
||||||
Crude steel production (Thousand MT)
|
6,249
|
7,182
|
5,785
|
3,615
|
-
|
-
|
Steel shipments (Thousand MT)
|
5,672
|
7,461
|
5,738
|
3,353
|
4,589
|
-
|
Average steel selling price ($/MT) 19
|
886
|
861
|
910
|
705
|
919
|
-
|
MINING INFORMATION (Million Mt)
|
||||||
Iron ore production15
|
-
|
-
|
-
|
-
|
-
|
15.0
|
Coal production15
|
-
|
-
|
-
|
-
|
-
|
2.3
|
Iron ore shipped externally and internally and reported at market price7
|
-
|
-
|
-
|
-
|
-
|
6.8
|
Iron ore shipped internally and reported at cost-plus7
|
-
|
-
|
-
|
-
|
-
|
4.8
|
Coal shipped externally and internally and reported at market price7
|
-
|
-
|
-
|
-
|
-
|
1.2
|
Coal shipped internally and reported at cost-plus7
|
-
|
-
|
-
|
-
|
-
|
0.8
|
USDm unless otherwise shown
|
Flat Carbon Americas
|
Flat Carbon Europe
|
Long Carbon Americas and Europe
|
AACIS
|
Distribution Solutions
|
Mining
|
FINANCIAL INFORMATION
|
||||||
Sales
|
4,683
|
6,142
|
5,232
|
2,130
|
3,855
|
1,279
|
Depreciation
|
(235)
|
(364)
|
(244)
|
(186)
|
(46)
|
(141)
|
Impairment
|
-
|
(2,811)
|
(1,219)
|
-
|
(806)
|
-
|
Restructuring charges
|
-
|
(33)
|
(51)
|
-
|
(101)
|
-
|
Operating income / (loss)
|
59
|
(2,900)
|
(1,092)
|
36
|
(977)
|
186
|
Operating margin (as a % of sales)
|
1.3%
|
(47.2%)
|
(20.9%)
|
1.7%
|
(25.3%)
|
14.5%
|
EBITDA4
|
294
|
308
|
422
|
222
|
(24)
|
327
|
EBITDA margin (as a % of sales)
|
6.3%
|
5.0%
|
8.1%
|
10.4%
|
(0.6%)
|
25.6%
|
Capital expenditure18
|
106
|
150
|
200
|
106
|
13
|
532
|
OPERATIONAL INFORMATION
|
||||||
Crude steel production (Thousand MT)
|
5,933
|
6,375
|
5,240
|
3,241
|
-
|
-
|
Steel shipments (Thousand MT)
|
5,533
|
5,957
|
5,543
|
2,978
|
4,463
|
-
|
Average steel selling price ($/MT) 19
|
797
|
847
|
857
|
611
|
834
|
-
|
MINING INFORMATION (Million Mt)
|
||||||
Iron ore production15
|
-
|
-
|
-
|
-
|
-
|
16.9
|
Coal production15
|
-
|
-
|
-
|
-
|
-
|
2.2
|
Iron ore shipped externally and internally and reported at market price7
|
-
|
-
|
-
|
-
|
-
|
6.6
|
Iron ore shipped internally and reported at cost-plus7
|
-
|
-
|
-
|
-
|
-
|
6.8
|
Coal shipped externally and internally and reported at market price7
|
-
|
-
|
-
|
-
|
-
|
1.3
|
Coal shipped internally and reported at cost-plus7
|
-
|
-
|
-
|
-
|
-
|
0.8
|
(Amounts in thousands metric tonnes)
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
Flat Carbon Americas:
|
5,559
|
5,533
|
5,351
|
5,735
|
5,672
|
North America
|
4,519
|
4,347
|
4,530
|
4,615
|
4,538
|
South America
|
1,040
|
1,186
|
821
|
1,120
|
1,134
|
Flat Carbon Europe:
|
6,890
|
5,957
|
5,837
|
6,771
|
7,461
|
Long Carbon Americas and Europe:
|
5,394
|
5,543
|
5,508
|
5,839
|
5,738
|
North America
|
1,124
|
1,193
|
1,031
|
1,208
|
1,146
|
South America
|
1,366
|
1,279
|
1,403
|
1,338
|
1,280
|
Europe
|
2,695
|
2,786
|
2,828
|
3,023
|
3,056
|
Other21
|
209
|
285
|
246
|
270
|
256
|
AACIS:
|
3,104
|
2,978
|
3,178
|
3,321
|
3,353
|
Africa
|
1,073
|
973
|
1,075
|
1,227
|
1,267
|
Asia, CIS & Other
|
2,031
|
2,005
|
2,103
|
2,094
|
2,086
|
Amounts in USDm
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Flat Carbon Americas:
|
443
|
294
|
326
|
563
|
757
|
North America
|
324
|
241
|
350
|
530
|
640
|
South America
|
119
|
53
|
(24)
|
33
|
117
|
Flat Carbon Europe:
|
300
|
308
|
191
|
383
|
131
|
Long Carbon Americas and Europe:
|
419
|
422
|
340
|
575
|
448
|
North America
|
52
|
47
|
21
|
60
|
62
|
South America
|
241
|
217
|
208
|
257
|
235
|
Europe
|
102
|
74
|
35
|
148
|
97
|
Other21
|
24
|
84
|
76
|
110
|
54
|
AACIS:
|
19
|
222
|
72
|
122
|
163
|
Africa
|
20
|
(19)
|
27
|
24
|
100
|
Asia, CIS & Other
|
(1)
|
241
|
45
|
98
|
63
|
Distribution Solutions:
|
15
|
(24)
|
11
|
385
|
35
|
Million metric tonnes (a)
|
Type
|
Product
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
North America (b)
|
Open Pit
|
Concentrate, lump, fines and Pellets
|
6.8
|
7.6
|
7.7
|
7.8
|
7.2
|
South America
|
Open pit
|
Lump and fines
|
0.9
|
1.2
|
1.2
|
0.9
|
0.8
|
Europe
|
Open pit
|
Concentrate and lump
|
0.5
|
0.5
|
0.6
|
0.5
|
0.4
|
Africa
|
Open Pit / Underground
|
Fines
|
1.3
|
1.0
|
1.1
|
1.3
|
1.3
|
Asia, CIS & Other
|
Open Pit / Underground
|
Concentrate, lump, fines and sinter feed
|
3.7
|
3.7
|
3.7
|
3.8
|
3.5
|
Own iron ore production
|
13.1
|
14.0
|
14.3
|
14.4
|
13.2
|
||
North America (c)
|
Open Pit
|
Pellets
|
1.1
|
2.1
|
2.4
|
2.7
|
0.5
|
Africa (d)
|
Open Pit
|
Lump and Fines
|
1.3
|
0.8
|
1.2
|
1.4
|
1.3
|
Strategic contracts - iron ore
|
2.3
|
2.9
|
3.6
|
4.0
|
1.8
|
||
Group
|
15.4
|
16.9
|
17.8
|
18.4
|
15.0
|
a)
|
Total of all finished production of fines, concentrate, pellets and lumps.
|
b)
|
Includes own mines and share of production from Hibbing (USA-62.30%) and Pena (Mexico-50%).
|
c)
|
Consists of a long-term supply contract with Cleveland Cliffs for purchases made at a previously set price, adjusted for changes in certain steel prices and inflation factors.
|
d)
|
Includes purchases under a strategic agreement with Sishen/Thabazambi (South Africa). Prices for purchases under the July 2010 interim agreement with Kumba (as extended and amended several times) have been on a fixed-cost basis since March 1, 2010.
|
Million metric tonnes
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
External sales – Third party
|
2.1
|
2.5
|
2.4
|
3.0
|
2.5
|
Internal sales – Market-priced
|
5.2
|
4.1
|
4.8
|
5.2
|
4.3
|
Internal sales – Cost-plus basis
|
4.8
|
6.8
|
6.9
|
7.0
|
4.8
|
Flat Carbon Americas
|
0.5
|
2.5
|
2.3
|
2.5
|
0.6
|
Long Carbon Americas and Europe
|
1.1
|
1.1
|
1.3
|
1.3
|
1.2
|
AACIS
|
3.2
|
3.2
|
3.3
|
3.1
|
3.0
|
Total shipments
|
12.1
|
13.4
|
14.0
|
15.2
|
11.7
|
Strategic contracts
|
2.3
|
2.9
|
3.6
|
4.0
|
1.8
|
Flat Carbon Americas
|
1.1
|
2.1
|
2.4
|
2.7
|
0.5
|
AACIS
|
1.3
|
0.8
|
1.2
|
1.4
|
1.3
|
Total shipments including strategic contracts
|
14.5
|
16.4
|
17.6
|
19.2
|
13.5
|
Million metric tonnes
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
||
North America
|
0.70
|
0.59
|
0.60
|
0.61
|
0.64
|
||
Asia, CIS & Other
|
1.34
|
1.39
|
1.44
|
1.46
|
1.47
|
||
Own coal production
|
2.04
|
1.97
|
2.05
|
2.07
|
2.11
|
||
North America(a)
|
0.08
|
0.13
|
0.08
|
0.07
|
0.08
|
||
Africa(b)
|
0.06
|
0.09
|
0.10
|
0.09
|
0.07
|
||
Strategic contracts - coal
|
0.14
|
0.22
|
0.19
|
0.16
|
0.15
|
||
Group
|
2.18
|
2.19
|
2.24
|
2.24
|
2.26
|
Million metric tonnes
|
1Q 13
|
4Q 12
|
3Q 12
|
2Q 12
|
1Q 12
|
External sales - Third party
|
0.92
|
0.93
|
0.69
|
0.86
|
0.86
|
Internal sales - Market-priced
|
0.35
|
0.38
|
0.54
|
0.50
|
0.37
|
Internal sales (AACIS) - Cost-plus basis
|
0.72
|
0.78
|
0.82
|
0.73
|
0.80
|
Total shipments
|
1.99
|
2.09
|
2.04
|
2.08
|
2.03
|
Strategic contracts
|
0.14
|
0.22
|
0.19
|
0.16
|
0.15
|
Total shipments including strategic contracts
|
2.13
|
2.30
|
2.23
|
2.25
|
2.18
|
Debt repayment schedule (USD billion)
|
2013
|
2014
|
2015
|
2016
|
2017
|
>2017
|
Total
|
Term loan repayments
|
|||||||
- Convertible bonds
|
-
|
2.2
|
-
|
-
|
-
|
-
|
2.2
|
- Bonds
|
3.1
|
1.3
|
2.3
|
1.8
|
2.7
|
9.6
|
20.8
|
Subtotal
|
3.1
|
3.5
|
2.3
|
1.8
|
2.7
|
9.6
|
23.0
|
LT revolving credit lines
|
|||||||
- $6bn syndicated credit facility
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
- $4bn syndicated credit facility
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial paper22
|
0.1
|
-
|
-
|
-
|
-
|
-
|
0.1
|
Other loans
|
0.9
|
0.3
|
0.3
|
0.7
|
0.2
|
0.5
|
2.9
|
Total Gross Debt
|
4.1
|
3.8
|
2.6
|
2.5
|
2.9
|
10.1
|
26.0
|
Credit lines available (USD billion)
|
Maturity
|
Commitment
|
Drawn
|
Available
|
|||
- $6bn syndicated credit facility
|
18/03/2016
|
$6.0
|
$0.0
|
$6.0
|
|||
- $4bn syndicated credit facility
|
06/05/2015
|
$4.0
|
$0.0
|
$4.0
|
|||
Total committed lines
|
$10.0
|
$0.0
|
$10.0
|
Ratios
|
1Q 13
|
4Q 122
|
|||||
Gearing23
|
34%
|
43%
|
|||||
Net debt /EBITDA ratio based on last twelve months’ reported EBITDA2
|
2.5X
|
2.8X
|
USD
|
Three months ended
|
||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|
Earnings / (loss) per share
|
2013
|
20122
|
20122
|
20122
|
20122
|
Basic (loss) / earnings per common share
|
(0.21)
|
(2.47)
|
(0.42)
|
0.66
|
0.06
|
Diluted (loss) / earnings per common share
|
(0.21)
|
(2.47)
|
(0.42)
|
0.60
|
0.06
|
USD millions
|
EBITDA 4Q 122
|
Volume & Mix - Steel (a)
|
Volume & Mix - Mining (a)
|
Price-cost - Steel (b)
|
Price-cost - Mining (b)
|
Non -Steel EBITDA (c)
|
Other (d)
|
EBITDA 1Q 13
|
Group
|
1,557
|
184
|
(20)
|
161
|
126
|
4
|
(447)
|
1,565
|
USD millions
|
1Q 13
|
4Q 122
|
3Q 122
|
2Q 122
|
1Q 122
|
Flat Carbon Americas
|
85
|
106
|
167
|
167
|
212
|
Flat Carbon Europe
|
208
|
150
|
182
|
225
|
261
|
Long Carbon Americas and Europe
|
140
|
200
|
174
|
142
|
229
|
AACIS
|
88
|
106
|
115
|
71
|
141
|
Distribution Solutions
|
12
|
13
|
21
|
23
|
25
|
Mining
|
389
|
532
|
497
|
475
|
379
|
(USDm)
|
2010 FY
|
2011 FY
|
2012 FY
|
|||||
EBITDA
|
8,525
|
10,117
|
7,080
|
|||||
Accounting changes
|
206
|
333
|
445
|
|||||
Non-recurring accounting changes
|
-
|
-
|
154
|
|||||
Recast EBITDA
|
8,731
|
10,450
|
7,679
|
EBITDA (USDm)
|
FCA
|
FCE
|
Long
|
AACIS
|
AMDS
|
Mining
|
1Q 2012
|
||||||
EBITDA
|
632
|
130
|
437
|
160
|
35
|
478
|
Accounting changes
|
81
|
1
|
11
|
3
|
-
|
6
|
Non-recurring accounting changes*
|
44
|
-
|
-
|
-
|
-
|
-
|
Recast EBITDA
|
757
|
131
|
448
|
163
|
35
|
484
|
2Q 2012
|
||||||
EBITDA
|
474
|
381
|
564
|
120
|
385
|
541
|
Accounting changes
|
89
|
2
|
11
|
2
|
-
|
7
|
Non-recurring accounting changes
|
-
|
-
|
-
|
-
|
-
|
-
|
Recast EBITDA
|
563
|
383
|
575
|
122
|
385
|
548
|
3Q 2012
|
||||||
EBITDA
|
236
|
191
|
330
|
70
|
11
|
391
|
Accounting changes
|
90
|
-
|
10
|
2
|
-
|
5
|
Non-recurring accounting changes
|
-
|
-
|
-
|
-
|
-
|
-
|
Recast EBITDA
|
326
|
191
|
340
|
72
|
11
|
396
|
4Q 2012
|
||||||
EBITDA
|
93
|
307
|
402
|
220
|
(24)
|
315
|
Accounting changes
|
91
|
1
|
20
|
2
|
-
|
12
|
Non-recurring accounting changes**
|
110
|
-
|
-
|
-
|
-
|
-
|
Recast EBITDA
|
294
|
308
|
422
|
222
|
(24)
|
327
|
2012 FY
|
||||||
EBITDA
|
1,435
|
1,009
|
1,733
|
570
|
407
|
1,725
|
Accounting changes
|
351
|
4
|
52
|
9
|
-
|
30
|
Non-recurring accounting changes
|
154
|
-
|
-
|
-
|
-
|
-
|
Recast EBITDA
|
1,940
|
1,013
|
1,785
|
579
|
407
|
1,755
|