ArcelorMittal sees strong rebound in second quarter
New Delhi, April 29: The world's largest steel maker, ArcelorMittal, Thursday said margins would improve substantially during the April-June quarter due to stronger demand in all main markets after a net loss of $1.1 billion in the quarter ended March.
"The economic recovery is continuing in line with our expectations and 2010 is set to be a stronger year for ArcelorMittal. The year has started with improved demand in all main markets, which will have a positive impact in the second quarter," said Lakshmi N. Mittal, chairman and chief executive of ArcelorMittal.
The company's guidance for the second quarter said: "EBITDA (earnings before interest, tax, depreciation and ammortisation) is expected to be between $2.8 billion - $3.2 billion."
The EBITDA for the first quarter of 2010 was $1.9 billion. The company follows the January-December fiscal.
Sales for the three months ended March 31, 2010 were $18.7 billion as compared with $18.6 billion for the three months ended Dec 31, 2009.
The company said the higher volume of sales were offset by lower steel prices, which were lower by about 3 percent.