Mittal ‘disappointed’ by US operations

Aug 01, 2014 | 06:43 PM |

Tags  ArcelorMittal, Lakshmi N. Mittal, Louis L. Schorsch, Aditya Mittal, North America, Nafta, outages, severe weather antitrust

CHICAGO — ArcelorMittal SA’s North American operations hurt the global steelmaker to the tune of more than a half-billion dollars in the first half of 2013 but could also provide a springboard for a second half rebound, company executives said.

The Luxembourg-based steelmaker’s poor first-half performance was largely the responsibility of its U.S. operations, which lost about $540 million during the period as the result of weather-related troubles, outages and a $90-million antitrust settlement (amm.com, June 13), according to company executives and AMM calculations.

"I am somewhat disappointed by the performance of our North American Free Trade Agreement (Nafta) segment. But I expect this to improve in the second half," chairman and chief executive officer Lakshmi N. Mittal said during a quarterly earnings conference call Aug. 1.....





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