In addition ArcelorMittal Chairman and CEO, Lakshmi Mittal, reaffirms the Company's previously announced guidance that third quarter EBITDA is expected between US$2.4 billion and US$2.8 billion and second half EBITDA is expected to be above the comparable period of 2010.
CFO Aditya Mittal also states that he expects to achieve the stated target level for net debt of $22.5bn or less by mid-2012 under various reasonable scenarios and that ArcelorMittal has received written approvals from its banks to extend $4bn of credit facilities from a maturity in 2013 to 2015.
Lakshmi Mittal said in London: "ArcelorMittal possesses core strengths that place the company in a strong position to respond to evolving market conditions. We remain committed to our plans for growth since our core projects are not dependent on strong economic conditions to create value for our shareholders. Our strategy transcends near term market uncertainties."
Copies of the presentations and a live-stream of the event can be found on the company's website, www.arcelormittal.com.
*EBITDA is defined as operating income plus depreciation, impairment expenses and exceptional items.
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