ArcelorMittal Completes 11.05% Stake Sale - Analyst Blog
2013年3月19日 - 8:10PM
Zacks
Steel giant ArcelorMittal (MT) has announced
that it has completed the first installment of its stake sale in
ArcelorMittal Mines Canada. The sale was a part of the previously
announced agreement, pursuant to which ArcelorMittal`s wholly-owned
subsidiary ArcelorMittal Mines Canada (AMMC) and a consortium led
by POSCO and China Steel Corporation (CSC) entered into a joint
venture partnership that will own ArcelorMittal`s Labrador Trough
iron ore mining and infrastructure assets.
The consortium will acquire a 15% interest in the joint venture for
total consideration of $1,100 million in cash, with AMMC and its
affiliates retaining 85% interest.
With the payment of the first installment, the consortium acquired
an 11.05% interest in the joint venture for total consideration of
$810 million in cash, with ArcelorMittal Mines Canada retaining an
88.95% interest in the joint venture.
The second installment is expected to be completed by the second
quarter of 2013 and will raise the consortium’s interest in the
joint venture to 15%.
In Feb 2012, ArcelorMittal posted a net loss of $4 billion or
$2.58 per share in the fourth quarter of 2012 compared with a net
loss of $1 billion or 65 cents per share a year ago. The bottom
line was hurt by hefty charges and challenging economic conditions
in Europe where the demand for steel dropped 8.8% last year.
Adjusted loss of $1.47 cents a share for the quarter exceeded
the Zacks Consensus Estimate of a loss of 15 cents per share. The
adjusted loss excludes $4.8 billion of goodwill impairment charges
associated with the company’s European businesses and $192 million
of restructuring charges.
Revenues declined 14% year over year to $19,309 million in the
reported quarter, trailing the Zacks Consensus Estimate of $20,168
million. Sales also declined 2.1% on a sequential basis due to
lower average steel selling prices. Shipments declined 2.9% to 20
million metric tons in the quarter.
ArcelorMittal currently retains Zacks Rank #5 (Strong Sell).
Other steel producers having a favorable Zacks Rank are
Gibraltar Industries Inc. (ROCK), Shilo
Industries Inc. (SHLO) and Companhia Siderurgica
Nacional (SID). While Gibraltar and Shilo Industries hold
a Zacks Rank #1 (Strong Buy), Companhia Siderurgica has a Zacks
Rank #2 (Buy).
ARCELOR MITTAL (MT): Free Stock Analysis Report
GIBRALTAR INDUS (ROCK): Free Stock Analysis Report
SHILOH INDS INC (SHLO): Get Free Report
CIA SIDERUR-ADR (SID): Free Stock Analysis Report
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