ArcelorMittal hit by weather woes in US

May 09, 2014 | 04:50 PM |

Tags  ArcelorMittal, Aditya Mittal, Louis Schorsch, Great Lakes, weather, shipment delays, ice, steel imports steel

CHICAGO — Harsh winter weather in North America has cost ArcelorMittal SA $350 million so far in 2014 and forced the steelmaker to focus its efforts on contract rather than spot business in the first quarter, executives said May 9.

The Luxembourg-based steelmaker took a $200-million hit from weather in the first quarter and has seen the number balloon by another $150 million in the second quarter, chief financial officer Aditya Mittal said during an earnings conference call, citing production and supply chain issues, as well as a "spike" in natural gas prices and gas distribution costs for the company’s facilities in northwest Indiana.....

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