ArcelorMittal Denying Trouble Seen In Its Stock Chart (MT)
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