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ArcelorMittal Swings To Loss

Steel titan ArcelorMittal Friday said it swung to a net loss in the first quarter due to lower steel shipments and prices, but maintained its full-year earnings guidance on expectations that steel and iron ore sales will pick up during the year.ArcelorMittal, the world's largest steelmaker by volume, said net profit attributable to shareholders swung to a net loss of $345 million in the first three months of the year compared with a net profit of $92 million in the same quarter a year before.Sales dropped 13% on the year to $19.75 billion.The company's keenly watched earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 26% on the year to $1.57 billion, as steel shipments dropped 5.7% on the year to 20.95 million metric tons.The Ebitda figure, however, was ahead of analysts' expectations of $1.32 billion based on a company consensus forecast of 22 analysts.The Luxembourg-based steelmaker reiterated its guidance for 2013 Ebitda to rise above $7.1 billion in 201...

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  1. ArcelorMittal Completes 1st Part Of $1.1 Billion ArcelorMittal Mines Canada Stake Sale

    Steel titan ArcelorMittal (MT) said Friday that it completed the first installment of a 15% stake sale in its ArcelorMittal Mines Canada joint venture.ArcelorMittal ...

  2. Ophir Fund-Raising Comes Amid Talks With Prospective Partners - Sources

    London-listed oil and gas explorer Ophir Energy PLC (OPHR.LN) will tap shareholders for $833 million in fresh capital as the rumored takeover target seeks to shore u...

  3. Steel And Food Tycoons Bring Oil Dispute to Court

    A dispute over a Nigerian oil deal between the chairman of ArcelorMittal and the owner of a food company with a turnover of 200 million pounds ($300.7 million) is du...

  4. ThyssenKrupp Sees Jobs Cuts in Revamp of European Steel Unit

    German steel and engineering conglomerate ThyssenKrupp AG (TKA.XE) will drastically reduce headcount in its European steel unit in a move to alleviate margin pressur...

  5. ArcelorMittal CEO Expects Stronger Global Economy in 2013

    The global economy is stabilizing, led by accelerating activity in China and the U.S., and should pick up steam in the months ahead, the chief executive of ArcelorMi...

  6. ArcelorMittal Net Loss Widens, But Sees Improvement Ahead

    ArcelorMittal (MT), the world's largest steelmaker by volume and revenue, Wednesday said its net loss widened in the fourth quarter from a year earlier, but said it ...

  7. ArcelorMittal Net Loss Widens, But Company Sees Improvement Ahead

    ArcelorMittal (MT), the world's largest steelmaker by volume and revenue, Wednesday said its net loss widened in the fourth quarter from a year earlier, but said it ...

  8. ArcelorMittal Combined Offering of Shares, Notes Over-Subscribed

    ArcelorMittal (MT) said it has raised $4 billion from a combined offering of common stock and convertible notes--more than initially expected-- and plans to use the ...

  9. ArcelorMittal Seeks $3.5 Billion Via Stock, Bond Issue

    ArcelorMittal (MT), the world's largest steelmaker by volume, said Wednesday it will issue shares and convertible bonds to raise $3.5 billion and reduce net debt as ...

  10. ArcelorMittal to sell $1.1 billion stake in Canada iron ore unit to POSCO group

    ArcelorMittal , the world's biggest steelmaker, will sell a $1.1 billion stake in a Canadian iron ore mine operator to a consortium that includes South Korean steelm...

  11. ArcelorMittal takes $4.3 billion write-down on weak Europe

    ArcelorMittal , the world's biggest steelmaker, is writing down the value of its European business by $4.3 billion, underscoring its gloom about prospects for the re...

  12. Mittal Says Florange Furnace Deal Is Good Compromise - Report

    The deal between ArcelorMittal (MT.FR) and the French government over the furnaces in Florange "is a good compromise," the steel company's chairman and chief executi...

  1. ArcelorMittal Swings To Loss, But Reaffirms Full-Year Target

    Steel titan ArcelorMittal Friday said it swung to a net loss in the first quarter due to lower steel shipments and prices, but maintained its full-year earnings guid...

  2. Russia's Usmanov knocks steel boss Mittal off top of rich list

    Russian businessman Alisher Usmanov has knocked Lakshmi Mittal off the top of this year's Sunday Times Rich List with a jump in his fortune to 13.3 billion pounds ($...

  3. ArcelorMittal CEO says high labor, energy costs hurt France

    ArcelorMittal CEO Lakshmi Mittal said on Saturday he regretted that the steel giant was having to permanently close two French blast furnaces but high labour and ene...

  4. AirAsia Starts Hiring Pilots For India Budget Carrier

    AirAsia Bhd. (5099.KU) said Saturday that it has started hiring pilots for its Indian budget carrier joint venture ahead of its launch, planned by the end of the yea...

  5. EADS Sees New Profit Focus

    Shareholders in Airbus parent European Aeronautic Defence & Space Co. (EAD.FR) overwhelmingly approved the company's proposal to revamp its governance, limiting gove...

  6. EADS Sees New Profit Focus After Shareholders OK Oversight Revamp

    Shareholders in Airbus parent European Aeronautic Defence & Space Co. (EAD.FR) overwhelmingly approved the company's proposal to revamp its governance, limiting gove...

  7. ArcelorMittal Targets $3 Billion In Management Savings

    Steel titan ArcelorMittal (MT) announced Friday a new management savings target of $3 billion by the end of 2015 in a bid to boost its profit margin given protracted...

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