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ArcelorMittal sees strong rebound in second quarter
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SME Times News Bureau | 29 Apr, 2010
The world's largest steel maker, ArcelorMittal, on 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.
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