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UPDATE: Global Steel Output -6.9% On Mo In Oct - Worldsteel |
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| Thursday November 20th, 2008 / 18h12 |
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(Adds more details and analyst comments)
LONDON -(Dow Jones)- Global crude steel production fell 6.9% in October compared with the previous month and fell 12% on the year as weaker demand for steel led to global production cuts, figures from the World Steel Association showed Thursday.
Global steel production in October was 100.5 million metric tons, down from 107.5 million tons in September and 114.7 million tons in October 2007.
Total world crude steel production rose 2.9% to 1.14 billion in the first 10 months of 2008 compared with the same period a year ago. Meanwhile, the world crude steel production moving annual total growth rate slowed further to 3.0% from 4.7% last month.
The association, called worldsteel, represents steelmakers that account for 85% of the world's annual steel production.
China, the world's largest steel producer, reported a 9.4% drop in steel production in October compared to the previous month and 17% drop on the year but registered a 3.9% rise in output during the first 10 months of the year to 427.3 million tons compared with the same period a year earlier.
Chinese production during the first half of the year remained high due to burgeoning demand within the country.
However, the U.S. financial crisis and consequent global economic slowdown has led Chinese steelmakers, and other steelmakers around the world, to cut production in line with weaker demand in key automotive, construction and appliance industries.
ArcelorMittal (MT), the world's largest steelmaker, is cutting its global production by 35% in the fourth quarter while Corus, Europe's second largest steelmaker and a unit of India-based Tata Steel Ltd (500470.BY), is cutting production by 30% between now and the end of the first quarter 2009.
The 27-nation European Union produced 5.7% less steel than in October 2007 while North American crude steel production dropped 13% on the year and CIS steel production fell 33% on the year in October. South American steel production was 0.8% lower than in October 2007.
"The supply response has been massive," Credit Suisse analysts said in a note. They added that "inventories are quickly depleting and the first impact of these significant production cuts has been a rebound in Chinese domestic" hot rolled coil, billet, rebar, scrap and freight prices, the analysts added.
The London Metal Exchange's recently launched Far East Asia billet futures contract for delivery in three months more than doubled from $270 at the end of October to $405 a ton on Nov. 11. The price has since fallen to $325 a ton in thin trading.
Serdar Kocturk, president of the Istanbul Iron and Steel Exporters' Association, said prices were likely to remain low since demand hasn't picked up He estimates global monthly production has to fall much further to balance supply with demand.
"I think the picture is more serious than people are expecting," Kocturk said.
Monthly global steel production needs to fall to 80 million-85 million tons, or by 29%-33% from a 2008 peak of 120 million tons in May before supply and demand will be rebalanced, Kocturk said.
Company Web site: http://www.worldsteel.org -By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ZeJWYD76SSUIrDh7xN%2BBbg%3D%3D. You can use this link on the day this article is published and the following day.
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| Thursday November 20th, 2008 / 18h12 |
Source : Dowjones Business News |
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Profil Société |
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| Activité |
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ArcelorMittal est le n ° 1 mondial de la sidérurgie. Le CA (avant éliminations intragroupe) par famille de produits se répartit comme suit :
-... |
| >> Suite |
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| Prévisions |
2008 * |
2009 |
2010 |
| BNA |
5,03 € |
0,30 € |
1,94 € |
| Dividende |
1,08 € |
0,56 € |
0,57 € |
| Rendement |
5,72% |
2,98% |
3,03% |
| PER |
3,75 |
63,16 |
9,73 |
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| >> Suite |
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| Chiffres clés |
| Résultat opérationnel |
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10 069 M€ |
| Résultat net |
8 046 M€ |
| Rentabilité financière |
19,26% |
| Effectif |
311 466 |
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| >> Suite |
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Obj. de cours (*) :
Potentiel : +27,64% |
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24, |
06 € |
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Prévisions |
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2008 * |
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2009 |
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2010 |
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BNA (*) |
|
5,03 € |
|
0,30 € |
|
1,94 € |
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|
Dividende (*) |
|
1,08 € |
|
0,56 € |
|
0,57 € |
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Rendement (*) |
|
5,72% |
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2,98% |
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3,03% |
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PER (*) |
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3,75 |
|
63,16 |
|
9,73 |
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