ArcelorMittal Denying Trouble Seen In Its Stock Chart (MT)

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By Douglas A. McIntyre Published

ArcelorMittal (NYSE: MT) is trading higher in overseas trading this morning based upon its investor presentation today.  The steel giant is reaffirming that its third quarter EBITDA will be in excess of $8.5 billion and says it expects EBITDA as well as cash flow from Operations to be higher in the second half of 2008 compared to the record first half of 2008.

If you have tracked the company’s stock with the global meltdown we arewitnessing, it has been an ugly stock.  Its 52-week trading range is$29.10 to $104.77, and its share price yesterday was a close of$32.72.  This was north of $50.00 in late September and was above$70.00 at the start of September.

Lakshmi N. Mittal, Chairman & CEO of ArcelorMittal, offered the following quote ahead of his presentation today:

  • "Despite the current financial crisis, the Chinese economic slowdownand the strong destocking taking place on steel markets, we are pleasedto expect profitability improvement in the second half of this year".

The ADR’s of ArcelorMittal are up over 3% in pre-market trading at$33.80.  Overseas these shares were trading up as much 9% on the news.

Jon C. Ogg
October 9, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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