Company announcements

ArcelorMittal

Analysis of upcoming company announcements, using our market insight information and analysis tools.

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Anglo American Platinum

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ArcelorMittal

Full Year earnings ending December 2013 expected

ArcelorMittal is the leading steel producer on the African continent, producing long and flat products and beneficiating its by-products. 

Results expectation

ArcelorMittal is expected to report full year results, for the year ending December 2013, on the 5th of February 2014. 

The company’s interim results for the half year ending June 2013 continued the poor earnings performance witnessed in 2012, posting a headline loss of 31c per share over the period amid weak demand as well as domestic setbacks. A fire at its Vanderbijpark operations hindered liquid steel production significantly in the first quarter and slowed steel shipments by 16%. 

Third Quarter profit rose by 35%, however guidance was issued by the company that it anticipated a slow fourth quarter as domestic sales were expected to be weaker in line with seasonality.

ArcelorMittal also indicated that it had agreed to leave the operation and management of its Thabazimbi iron ore mine and in turn realize an impairment of R1.8bn on its mine assets.

2013 Full year earnings are expected to be in the region of 20c per share, while earnings are expected to improve dramatically in 2014 in the absence of any similar 2013 production and impairment setbacks.

Source: IG Insight, as of 15:30 31/01/2014

Source: IG Insight, as of 15:30 31/01/2014

Technical View

The price of ArceloMittal has been trading firmly above the 200 day simple moving average for more than 8 months, alluding to the long-term trend remaining up. 

The near-term pullback in price looks to have ended with a double bottom formation, which is the “W” shape below the horizontal line at 3850. The pattern suggests the short term trend resuming in line with the longer term uptrend and projects a possible near term target at 4180. 

The price trading significantly below the 3850 support would indicate failure of the near term bullish indication.

Source: IG Insight, as of 12:27 31/01/2014

Fundamentals

Source: IG Insight, as of 16:30 31/01/2014

Source: IG Insight, as of 16:35 31/01/2014

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