Arselormital published an annual report in form 20f

Fulfilling its obligations to the Commission on Valuable and Exchange Paper, on February 15, 2013, Arselormital published a annual report in the form of 20f for 2012. The full text of the report is available to everyone to get acquainted with the history, achievements and losses of the company at http://www.arcelormittal.com/corp/investors/financial-urePors/sec-filings.

According to the data presented in the report, the Arselormital company in 2012 sold a metal rolling for $ 84 billion at a cost of 84 billion 117 million dollars, which, in conjunction with administrative and marketing expenses, brought it an operational loss of 3 billion 226 million US dollars.

"The ongoing weakness of the eurozone economy, as well as constantly growing sovereign debts in the euro zone, continue to have a negative impact on the steel industry. The manufacturers of steel and metal distribution with large sales in Europe, such as Arselormital, were deeply affected by the deterioration of macroeconomic conditions in the European Union," the report said.

The depressive demand for steel, which fell by almost 30% of the 2007 level, led to a sharp increase in excess metallurgical capacities in the eurozone. In addition, the ongoing exacerbation of the debt crisis leaves no hope for any improvement in the situation this year. The offer of steel products in Europe, while maintaining the current level of production, may exceed demand by 40% and, therefore, serious reductions are urgently required.

Outside of Europe, a significant increase in new metallurgical capacities is also observed. This is especially noticeable in China and in countries such as Russia, Ukraine and Türkiye. Moreover, Russia, which has recently joined the World Trade Organization, intends to increase its export to the countries of the European Union, which will lead to an even greater excess of demand over demand.

According to the data given in the report, the net loss of Arselormital last year amounted to $ 2.41 per share compared to net profit in 2011 in the amount of $ 1.46 per share.

Last year, the company's operational loss was obtained thanks to $ 4 billion to write off the value of European assets and another 1 billion 300 million dollars of direct expenses associated with their optimization. Operating profit gradually decreased over the first half of 2012 and then collapsed to huge losses in the fourth quarter of last year. The losses could be even large, if it were not for a decrease in the cost of metal products by 7% due to the fall in the prices for metallurgical raw materials, the Arselormital report said.