ROTTERDAM, The Netherlands, November 9 /PRNewswire-FirstCall/ --
Mittal Steel Company N.V. ("Mittal Steel" or "the Company"),
(NYSE:MT)(AEX:MT) the world's largest and most global steel
company, today announced results for the third quarter and nine
months ended September 30, 2005. Highlights: Solid results given
current market conditions (US Dollars in millions except per share
data and shipments) 3Q 2005 2Q 2005 3Q 2004 9M 2005 9M 2004
Shipments (000'ST) 12,976 12,181 11,026 35,536 31,975 Revenues
7,050 7,604 6,292 21,078 16,020 Operating income 765 1,391 1,932
3,875 4,421 Net income 478 1,090 1,332 2,715 3,147 Earnings Per
Share ($) 0.68 1.57 2.07 3.99 4.89 The results of the second
quarter 2005 include those of International Steel Group ("ISG")
which merged with Mittal Steel from April 15, 2005. Further
strengthening of global position - The Company has agreed to
acquire a 93.02% stake in the capital of KryvorizhStal (the largest
carbon steel long products producer in Ukraine) from the State
Property Fund of Ukraine following a public auction. Under the
terms of the share purchase agreement, Mittal Steel will acquire
3,590,038,755 shares of the share capital of KryvorizhStal for a
total consideration of UAH 24.2 billion (US$4.8 billion). The share
purchase agreement was signed on October 28, 2005. - The Company
has signed a Memorandum of Understanding with the Government in
Jharkhand, India concerning the development of a mining and
steelmaking complex in the region. Mittal Steel intends to
undertake a Detailed Project Report (DPR) within 18 months. Once
the DPR is completed and found acceptable to both Mittal Steel and
the Government of Jharkhand, definitive agreements would be entered
into. - The Company completed its acquisition of 36.67% of Hunan
Valin Steel Tube & Wire Company ("Hunan Valin") in China, for a
total consideration of US$338 million. - The Company announced that
the Mining Development Agreement entered into with the Government
of Liberia was ratified by the Liberian Senate. - The Company
announced that it had acquired a majority stake in Romportmet, a
port facility located in Galati, Romania. Mittal Steel increased
its shareholding in Romportmet to 89% through the acquisition of
approximately 20 million shares, at a total cost of $47 million.
Other key events - Ispat Inland Inc., the North American subsidiary
of Mittal Steel Company N.V., announced the ratification of new
collective-bargaining agreements by members of the United
Steelworkers. The agreements generally parallel those at the former
ISG. These agreements expire on September 1, 2008, as do those at
the former ISG plants. - The Company signed a US$3 billion loan
agreement, subsequently increased to US$3.5 billion, with Citigroup
with terms similar to its US$3.2 billion revolving credit facility.
Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, Mittal Steel
Company, said: "We have experienced highly challenging global
market conditions in the past quarter with significant steel price
decline in all regions. Given this current environment, Mittal
Steel has again posted a solid set of quarterly results, in line
with expectations and guidance given in the last quarter.
Production cutbacks have remained in place in the third quarter and
this has helped to further reduce inventory levels worldwide. Steel
industry fundamentals remain positive going forward and we are
beginning to see the benefits of global consolidation. Mittal Steel
has again been very active this quarter in terms of expanding our
global operations, with deals in Liberia, China and the Ukraine.
Our Mining Development Agreement with the Liberian government gives
us access to 10 million tonnes of iron ore annually, significantly
improving our vertical integration in the long term. We have closed
our acquisition of a 36.67% stake in Hunan Valin, giving us a
foothold and platform for growth in the vital Chinese market. And
we were recently announced as the winning bidder for Kryvorizhstal,
a plant that offers nearly 100% vertical integration with the
potential to be one of the lowest costs, highest margin steel
producers in the world. We have also signed a MoU with the
government of Jharkhand in India to set up a 12 million tonne
Greenfield site in India. These moves will help us to build on our
leading position in the global steel industry and build towards
creating a truly sustainable sector." Third Quarter 2005 Earnings
Conference Call Lakshmi N. Mittal, Chairman and Chief Executive
Officer, and Aditya Mittal, President and Chief Financial Officer,
will host a conference call for members of the investment community
to discuss the Company's financial results and general business
operations at 9:30 AM New York time / 2:30 PM London time on
Wednesday, November 9, 2005. The conference call will include a
brief question and answer session with senior management. The
conference call information is as follows: Date: Wednesday,
November 9, 2005 Time: 9:30 AM New York Time / 2:30 PM London Time
Dial-In Number from within the U.S.: 866-831-5605 Dial-In Number
from outside the U.S.: +1-617-213-8851 Pass code: Mittal Steel For
individuals unable to participate in the conference call, a
telephone replay will be available from 11:30 AM New York time /
4.30 PM London time on November 9, 2005 until November 23, 2005 at:
Replay Number from within the U.S.: 888-286-8010 Replay Number from
outside the U.S.: +1-617-801-6888 Pass code: 40975840 A web cast of
the conference call can also be accessed via
http://www.mittalsteel.com/ and will be available for one week.
RealPlayer or Windows Media Player will be required in order to
access the web cast. MITTAL STEEL COMPANY N.V. REPORTS THIRD
QUARTER RESULTS 2005 Mittal Steel Company N.V. (NYSE:MT)(AEX:MT),
net income for the quarter ended September 30, 2005 was $478
million or $0.68 per share, as compared with net income of $1.1
billion or $1.57 per share for the quarter ended June 30, 2005 and
$1.3 billion or $2.07 per share for the quarter ended September 30,
2004. Consolidated sales and operating income for the quarter ended
September 30, 2005 were $7.1 billion and $765 million,
respectively, as compared with $7.6 billion and $1.4 billion,
respectively, for the quarter ended June 30, 2005 and as compared
with $6.3 billion and $1.9 billion, respectively, for the quarter
ended September 30, 2004. Total steel shipments[1] for the quarter
ended September 30, 2005 were 13.0 million tons as compared with
12.2 million tons for the quarter ended June 30, 2005 and 11.0
million tons for the quarter ended September 30, 2004. Group
inter-company transactions have been eliminated in financial
consolidation. Analysis of operations Mittal Steel's consolidated
financial statements include the results of ISG as from April 15,
2005 and Mittal Steel Zenica in Bosnia from December 2004. As a
result, prior period results may not be entirely comparable.
Average price realization in the quarter ended September 30, 2005
decreased by 11% as compared with the quarter ended June 30, 2005
and decreased by 1% as compared with the quarter ended September
30, 2004 (8% lower excluding ISG and Mittal Steel Zenica). Steel
shipments were higher by 7% in the quarter ended September 30, 2005
as compared with the quarter ended June 30, 2005. Steel shipments
for quarter ended September 30, 2005 were 18% higher as compared
with the quarter ended September 30, 2004, primarily due to the
inclusion of ISG (14% lower excluding ISG and Mittal Steel Zenica).
Cost of goods sold per ton during the quarter ended September 30,
2005 was lower by 4% as compared with the quarter ended June 30,
2005. Costs were lower due to improved production and shipments
during the quarter, and reduced cost of certain inputs, which were
partially offset by increases in the cost of natural gas and
electricity. Cost of goods sold per ton during the quarter ended
September 30, 2005 was higher by 24% as compared with the quarter
ended September 30, 2004, primarily due to a steep increase in the
cost of almost all inputs (12% higher excluding ISG and Mittal
Steel Zenica). Selling, general and administrative expenses in the
quarter ended September 30, 2005 decreased by 7% as compared with
the quarter ended June 30, 2005 and increased by 40% as compared
with the quarter ended September 30, 2004, primarily due to higher
levels of sales activity, as well as the inclusion of ISG.
Operating income for the quarter ended September 30, 2005 was $765
million as compared with $1.4 billion for quarter ended June 30,
2005 and $1.9 billion for the quarter ended September 30, 2004, for
reasons described above. Other income expenses-net for the quarter
ended September 30, 2005 was $10 million. During the quarter, the
Company recorded a loss of $38 million relating to an arbitration
award at one of its European subsidiaries. The Company also
recorded a gain of $35 million in its Czech subsidiary arising out
of reassessment of liabilities, which management believes is no
longer probable. Other income expenses-net for the quarter ended
June 30, 2005 was $35 million which includes $14 million in respect
of a gain on a sale of a property at our Mexican operations, partly
offset by $7 million minority interest, and $24 million relating to
a dividend from our 8.6% investment in Erdemir. Other income
expenses-net for the quarter ended September 30, 2004 was $6
million. Net interest expenses at Mittal Steel for the quarter
ended September 30, 2005 decreased to $50 million as compared with
$55 million for the quarter ended June 30, 2005 due to the
reduction of debt. Net interest expenses for the quarter ended
September 30, 2005 was higher as compared with $42 million for the
quarter ended September 30, 2004 primarily due to the increased
borrowing for the acquisition of, and assumption of debt at, ISG.
Mittal Steel's income tax expense for the quarter ended September
30, 2005 amounted to $164 million as compared with $165 million for
the quarter ended June 30, 2005. The effective tax rate for the
quarter ended September 30, 2005 was 22% as compared with 12% for
the quarter ended June 30, 2005. In the quarter ended June 30, 2005
the aggregate tax rate was lower due to tax credits in our Mexican
and US operations. Mittal Steel's income tax expense for the
quarter ended September 30, 2004 amounted to $397 million. Net
income for the quarter ended September 30, 2005 decreased to $478
million as compared with the quarter ended June 30, 2005 at $1.1
billion and lower as compared with quarter ended September 30, 2004
at $1.3 billion owing to the reasons as discussed above. Americas
Total steel shipments in the Americas region were 5.8 million tons
in the quarter ended September 30, 2005, as compared with 5.4
million tons for the quarter ended June 30, 2005. Total steel
shipments for the quarter ended September 30, 2004 were 3.1 million
tons. Sales were lower at $3.4 billion in the quarter ended
September 30, 2005, as compared with $3.5 billion for the quarter
ended June 30, 2005 and higher than $1.9 billion for quarter ended
September 30, 2004 primarily due to the inclusion of ISG. Operating
income was $184 million for the quarter ended September 30, 2005 as
compared with $447 million for the quarter ended June 30, 2005,
primarily due to lower selling prices partly offset by lower cost
of goods sold. Operating income for the quarter ended September 30,
2005 was lower as compared with $580 million for the quarter ended
September 30, 2004. With regard to the discussion above, it may be
noted that the results of the quarter ended June 30, 2005 include
those of ISG, which merged with Mittal Steel from April 15, 2005.
Europe The European region total steel shipments were flat at 4.0
million tons in the quarter ended September 30, 2005 as compared
with the quarter ended June 30, 2005. Total steel shipments for the
quarter ended September 30, 2004 were 4.7 million tons. Sales were
lower at $2.3 billion in the quarter ended September 30, 2005, as
compared with $2.6 billion for the quarter ended June 30, 2005, and
$2.8 billion for the quarter ended September 30, 2004, primarily
due to lower volumes and selling prices. Operating income was $47
million for the quarter ended September 30, 2005 as compared with
$263 million for the quarter ended June 30, 2005 due to a steep
reduction in selling prices partly offset by a reduction in the
cost of goods sold. Operating income for the quarter ended
September 30, 2005 was lower as compared with $644 million for the
quarter ended September 30, 2004. Asia & Africa Total steel
shipments of our Asia & Africa region were 3.2 million tons for
the quarter ended September 30, 2005 as compared with 2.7 million
tons for the quarter ended June 30, 2005, and 3.1 million tons for
the quarter ended September 30, 2004. Sales were lower at $1.7
billion in the quarter ended September 30, 2005, as compared with
$2.1 billion for the quarter ended June 30, 2005, and $2.0 billion
for the quarter ended September 30, 2004, primarily due to lower
selling prices. Operating income was lower at $479 million for the
quarter ended September 30, 2005 compared with $678 million for the
quarter ended June 30, 2005 primarily due to a steep reduction in
selling prices partly offset by improved shipments. Operating
income for the quarter ended September 30, 2005 was lower compared
with $668 million for the quarter ended September 30, 2004.
Liquidity The Company's liquidity remains strong. As at September
30, 2005, the Company's cash and cash equivalents including
restricted cash and short term investments were $2.1 billion ($2.7
billion at June 30, 2005 and $2.6 billion at December 31, 2004). In
addition, the Company including its operating subsidiaries had
available borrowing capacity of $3.1 billion as at September 30,
2005.[2] Net debt (which is total debt less cash and cash
equivalents, short term investments and restricted cash) at the end
of September 30, 2005 was $1.7 billion ($2.0 billion at June 30,
2005). During the quarter ended September 30, 2005, $338 million
was paid for the acquisition of 36.67% of Hunan Valin Steel Tube
& Wire Company ("Hunan Valin") in China. During the quarter,
gross debt was reduced by $931 million with a reduction in cash and
cash equivalents, short term investments and restricted cash of
$688 million. During the quarter ended September 30, 2005, net
working capital improved by $203 million. Inventories were lower by
$506 million offset by increase in accounts receivables of $104
million and accrued expenses and other liabilities of $272 million.
Capital expenditure during the quarter ended September 30, 2005 was
$305 million as compared with $255 million for the quarter ended
June 30, 2005 and $223 million for the quarter ended September 30,
2004. Depreciation during the quarter ended September 30, 2005 was
$215 million as compared with $192 million for the quarter ended
June 30, 2005 primarily due to incorporation of ISG results for the
full quarter, and $151 million for the quarter ended September 30,
2004. The Company declared an interim dividend of US$0.10 per
share, as per the dividend policy previously announced. The cash
dividend was paid on October 12, 2005. Recent Developments - On
November 2, 2005 Ispat Inland Inc, a North American subsidiary of
Mittal Steel Company N.V., announced the ratification of new
collective-bargaining agreements by members of the United
Steelworkers. The agreements are similar to those at the former
ISG. These agreements expire on September 1, 2008, as do those at
the former ISG plants. - On October 24, 2005 Mittal Steel Company
N.V. announced that it had agreed to acquire a 93.02% stake in the
capital of KryvorizhStal (the largest carbon steel long products
producer in Ukraine) from the State Property Fund of Ukraine
following a public auction. Under the terms of the share purchase
agreement, Mittal Steel will acquire 3,590,038,755 shares of the
share capital of KryvorizhStal for a total consideration of UAH
24.2 billion (US$4.8 billion). The share purchase agreement was
signed on October 28, 2005. - On October 19, 2005 Mittal Steel
signed a US$3 billion loan agreement, subsequently increased to
US$3.5 billion, with Citigroup with terms similar to its US$3.2
billion revolving credit facility. - On October 8, 2005 Mittal
Steel announced that it had signed a Memorandum of Understanding
with the Government in Jharkhand, India for the development of a
mining and steelmaking complex. Mittal Steel intends to undertake a
Detailed Project Report (DPR) within 18 months to identify the
location of the steel plant, iron ore and coal mines and water
sources. Once the Detailed Project Report is completed and found
acceptable to both Mittal Steel and the Government of Jharkhand,
definitive agreements would be entered into. - On September 28,
2005 Mittal Steel announced that it had received final approval
relating to its acquisition of 36.67% of Hunan Valin Steel Tube
& Wire Company ("Hunan Valin") for a total consideration of
US$338 million. All conditions precedent, have been met and the
transaction has now closed. - On September 12, 2005 Mittal Steel
announced that the Mining Development Agreement entered into with
the Government of Liberia was ratified by the Liberian Senate. - On
September 8, 2005 Mittal Steel announced that it had acquired a
majority stake in Romportmet, a port facility located in Galati,
Romania. Mittal Steel increased its shareholding in Romportmet to
89% through the acquisition of approximately 20 million shares, at
a total cost of $47 million. Outlook for fourth quarter 2005. For
the fourth quarter of 2005, shipments and selling prices are
expected to be slightly higher, and cost of sales are expected to
increase primarily due to increased pressure on energy costs.
Overall, we expect operating income per ton to be up to $10 higher
than the third quarter 2005. Statements in this press release that
are not historical facts, including statements regarding
expectations concerning market growth and development, expectations
and targets for Mittal Steel's results of operations and
expectations regarding cost savings from recently acquired
companies and statements preceded by "believe," "expect,"
"anticipate," "target" or similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
implied by such forward-looking statements on account of known and
unknown risks and uncertainties, including, without limitation: (1)
changes in general economic, political and social conditions; (2)
adverse regulatory changes; (3) fluctuations in currency exchange
rates; (4) cyclicality of the steel industry; (5) increased
competition; (6) availability and cost of raw materials, energy and
transportation; (7) Mittal Steel's ability to realize expected cost
savings from recently acquired companies within the expected time
frame; (8) Mittal Steel's ability to integrate recently acquired
companies; (9) labor disputes; and (10) the risks contained in
Mittal Steel's Form 20-F and other filings with the Securities and
Exchange Commission. Mittal Steel undertakes no obligation to
publicly update its forward-looking statements, whether as a result
of new information, future events, or otherwise. For further
information, visit our web site: http://www.mittalsteel.com/ MITTAL
STEEL COMPANY N.V. CONSOLIDATED FINANCIAL & OTHER INFORMATION
MITTAL STEEL COMPANY N.V. CONSOLIDATED BALANCE SHEETS As of
September 30, June 30, December 31, In millions of U.S. Dollars
2005 2005 2004 (Unaudited) (Unaudited) (Audited) ASSETS Current
Assets Cash and cash equivalents $ 1,834 $ 2,049 $ 2,495 Restricted
cash 206 681 138 Short-term investments 10 8 1 Trade accounts
receivable - net 2,572 2,434 2,006 Inventories 5,529 5,979 4,013
Prepaid expenses and other 850 950 666 current assets Deferred tax
assets 216 222 306 Total Current Assets 11,217 12,323 9,625
Property, plant and equipment - 10,913 10,904 7,562 net Investments
in affiliates and 1,166 710 667 joint ventures Deferred tax assets
791 730 855 Intangible pension assets 103 102 106 Other assets 438
507 338 Total Assets $24,628 $25,276 $19,153 LIABILITIES AND
SHAREHOLDERS' EQUITY Current Liabilities Payable to banks and
current $ 259 $ 511 $ 341 portion of long-term debt Trade accounts
payable 2,003 1,991 1,899 Dividend payable 70 70 1,650 Accrued
expenses and other 3,095 3,037 2,307 current liabilities Deferred
tax liabilities 161 168 33 Total Current Liabilities 5,588 5,777
6,230 Long-term debt 3,534 4,213 1,639 Deferred tax liabilities 857
909 955 Deferred employee benefits 1,832 2,039 1,931 Other
long-term obligations 1,217 1,392 809 Total Liabilities 13,028
14,330 11,564 Minority Interest 1,760 1,756 1,743 Shareholders'
Equity Common shares 60 60 59 Treasury stock (112) (113) (123)
Additional paid-in capital 2,452 2,481 552 Retained earnings 7,315
6,904 4,739 Accumulated comprehensive 125 (142) 619 income/(loss)
Total Shareholders' Equity 9,840 9,190 5,846 Total Liabilities and
$24,628 $25,276 $19,153 Shareholders' Equity MITTAL STEEL COMPANY
N.V. CONSOLIDATED FINANCIAL & OTHER INFORMATION Quarter Ended
Nine Months Ended In millions of September June 30, September
September September U.S. Dollars, 30, 2005 2005 30, 2004 30, 2005
30, 2004 except shares, per share and other data
(Unaudited)(Unaudited) (Unaudited)(Unaudited) (Unaudited) STATEMENT
OF INCOME DATA Sales $7,050 $7,604 $6,292 $21,078 $16,020 Costs and
expenses: Cost of sales 5,816 5,748 4,027 15,853 10,677 (exclusive
of depreciation shown separately) Depreciation 215 192 151 570 412
Selling, 254 273 182 780 510 general and administrative expenses
6,285 6,213 4,360 17,203 11,599 Operating 765 1,391 1,932 3,875
4,421 income Operating 11% 18% 31% 18% 28% margin Other income 10
35 6 50 24 (expense) - net Income from 19 32 5 66 46 equity method
investments Financing costs: Interest (79) (88) (61) (225) (179)
(expense) Interest 29 33 19 87 42 income Net gain / (13) 4 9 4 9
(loss) from foreign exchange (63) (51) (33) (134) (128) Income
before 731 1,407 1,910 3,857 4,363 taxes and minority interest
Income tax expense: Current 71 161 220 522 465 Deferred 93 4 177
204 350 164 165 397 726 815 Income before 567 1,242 1,513 3,131
3,548 minority interest Minority (89) (152) (181) (416) (401)
interest Net income $478 $1,090 $1,332 $2,715 $3,147 Basic and
$0.68 $1.57 $2.07 $3.99 $4.89 diluted earnings per common share
Weighted 704 695 643 681 643 average common shares outstanding (in
millions) OTHER DATA Total 12,976 12,181 11,026 35,536 31,975
shipments of steel products including inter-company shipments
(thousands of tons) MITTAL STEEL COMPANY N.V. CONSOLIDATED
STATEMENTS OF CASH FLOWS Quarter Ended Nine Months Ended, In
millions September June 30, September September September of U.S.
30, 2005 2005 30, 2004 30, 2005 30, 2004 Dollars (Unaudited)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating
activities: Net income $478 $1,090 $1,332 $2,715 $3,147 Adjustments
required to reconcile net income to net cash provided by
operations: Depreciation 215 192 151 570 412 Net accretion (51)
(42) - (93) - of purchased intangibles Deferred 13 (150) 8 (133)
(7) employee benefit costs Net foreign (7) (7) 97 (19) (3) exchange
loss (gain) Deferred 93 4 177 204 350 income tax Undistributed (26)
(14) (21) (50) (96) earning from Joint Ventures Loss (gain) 1 (15)
1 (14) 1 on sale or write-off of property plant & equipment
Minority 89 152 181 416 401 interest Other (35) (43) (99) (66) (4)
Changes in operating assets and liabilities, net of effects from
acquisitions: Trade (104) 448 (235) 170 (835) accounts receivable
Short-term 14 (8) (2) 6 (3) investments Inventories 506 210 (373)
401 (810) Prepaid 64 (141) (164) (164) (361) expenses and other
assets Trade (5) (542) 194 (626) 253 accounts payable Accrued (272)
(151) 160 (396) 419 expenses and other liabilities Net cash 973 983
1,407 2,921 2,864 provided by operating activities Investing
activities: Purchase of (305) (255) (223) (765) (522) property,
plant and equipment Proceeds from 15 37 1 44 22 sale of assets and
investments including affiliates and joint ventures Acquisition
(23) (1,306) 8 (1,329) (7) of net assets of subsidiaries, net of
cash acquired Investment in (337) 22 6 (315) 22 affiliates and
joint ventures Restricted 475 (97) (95) (67) (87) cash Other (4)
(1) - (5) 5 Net cash used (179) (1,600) (303) (2,437) (567) in
investing activities Financing activities: Proceeds from 322 824
582 1,666 2,167 payable to banks Proceeds from 100 3,080 36 3,199
988 long-term debt Debt issuance - (10) - (10) - cost Proceeds from
- - - - 46 long-term debt from an affiliate Payments of (582) (707)
(590) (1,797) (2,376) payable to banks Payments of (759) (1,208)
(311) (2,083) (1,375) long-term debt Purchase of - - - - (54)
treasury stock Sale of - 4 5 6 7 treasury stock Dividends (148)
(1,375) (151) (1,949) (412) paid Others 2 (18) 5 (16) 3 Net cash
(1,065) 590 (424) (984) (1,006) provided by (used in) financing
activities Net increase (271) (27) 680 (500) 1,291 (decrease) in
cash and cash equivalents Effect of 56 (95) 19 (161) 47 exchange
rate changes on cash Cash and cash equivalent: At the 2,049 2,171
1,399 2,495 760 beginning of the period At the end of $1,834 $2,049
$2,098 $1,834 $2,098 the period MITTAL STEEL COMPANY N.V. Appendix
1 - Q305 Shipments by country (thousands of short tons) 3Q 2005 2Q
2005 9M 2005 Americas United States of America 4,322 3,799 9,461
Mexico - Lazaro Cardenas 976 1,073 3,109 Canada 340 357 1,090
Trinidad - Point Lisas 190 194 601 TOTAL AMERICAS 5,828 5,423
14,261 Europe West Europe - Germany and France 735 798 2,502 Poland
1,158 1,052 3,643 Romania 1,192 1,399 3,953 Czech Republic -
Ostrava 691 555 1,937 Others 187 237 573 TOTAL EUROPE 3,963 4,041
12,608 Asia and Africa Kazakhstan - Temirtau 1,139 790 2,737 South
Africa 1,801 1,651 5,190 Algeria - Annaba 244 275 740 TOTAL ASIA
AND AFRICA 3,185 2,717 8,667 MITTAL STEEL 12,976 12,181 35,536
Figures for total shipments of steel products (including
inter-company shipments) MITTAL STEEL COMPANY N.V. Appendix 2- 3Q
2005 (Figures in US$ Millions unless otherwise shown) Americas
Europe Asia & Elimination Mittal Steel Africa Financial
Information Sales 3,378 2,265 1,703 (296) 7,050 Cost of sales
(exclusive of depreciation) 3,015 2,014 1,101 (314) 5,816 Gross
profit (before deducting depreciation) 363 251 601 19 1,234 Gross
margin (as percentage of sales) 11% 11% 35% 18% Selling, general
and administrative expenses 80 147 62 (35) 254 Operating income 184
47 479 55 765 Operating margin (as percentage of sales) 5.4% 2.10%
28.1% 11% EBITDA (PBT + Interest + depreciation) 304 116 543 33 996
EBITDA margin ( as percentage of sales) 9% 5% 32% 14% Depreciation
99 57 60 0 216 Capex (74) (125) (106) 0 (305) Operational
Information Liquid Steel Production ('000 MT) 5,875 3,489 3,228
12,592 Liquid Steel Production ('000 ST) 6,476 3,846 3,558 13,880
Shipments ('000 MT) 5,287 3,596 2,889 11,772 Shipments ('000 ST)
5,828 3,963 3,185 12,976 Employees 24,623 74,774 72,103 171,500 [1]
Total steel shipments include inter-company shipments. [2]
Corresponding exercisable/available limits are lower, which are
based on the level of inventory/receivable. Includes unused portion
of US$3.2 billion unsecured revolving credit facility. DATASOURCE:
Mittal Steel Company N.V. CONTACT: Mittal Steel Company N.V.,
Julien Onillon, Director, Investor Relations, Tel:
+44-(0)20-7543-1136, Mittal Steel Company N.V., Thomas A. McCue,
Director, North American Investor Relations (and Treasurer Mittal
Steel USA), Tel: +1-219-399-5166
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