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1. sunnyb0y 29 april 2005 14:26

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   • sunnyb0y

     Lid sinds: 29 sep 2003

     Laatste bezoek: 13 nov 2023

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   Arcelor's Ordinary General Meeting approves the 2004 accounts and dividend
   
   Luxembourg, April 29, 2005 - The Ordinary General Meeting of the shareholders of Arcelor, which took place on April 29, 2005 under the chairmanship of Joseph Kinsch, approved all of the proposed resolutions.
   
   In particular, it approved the accounts for the 2004 financial year and the payment of a gross dividend of 0.65 euro per share, payable on May 2, 2005.
   
   The meeting voted on the following agenda items:
   
   Report of the Board of Directors and opinions of the independent auditors on the annual accounts and the consolidated accounts for the 2004 financial year
   Approval of the annual accounts for the 2004 financial year
   Approval of the consolidated accounts for the 2004 financial year
   Allocation of results and determination of directors' emoluments and of the dividend
   Discharge of the directors
   Ratification of appointment of replacement director
   Renewal of the authorisation of the Board of Directors of the Company and of the corporate bodies of other companies in the Group to purchase shares in the Company.
   2004: a watershed year
   
   Reviewing the past year, Joseph Kinsch said "2004 remains a memorable year for the steel industry in general, and for our company in particular. Global steel output reached the historic milestone of 1 billion tonnes, and sale prices rose significantly. The extraordinary increase in global steel production led to bottlenecks in the supply of coking coal and iron ore, causing logistical problems in certain parts of the world." Raw material prices and freight rates surged in response to these factors.
   
   The Chairman noted further that "We have made no secret of our ambition to rank among the steelmakers that will leave their mark on the organisation and structure of the industry. And we plan to pursue this ambition in the future, reconciling as fully as possible the interests of our clients with those of our employees, our shareholders, and our stakeholders in the public and private spheres."
   
   The Chairman of the Board also reminded shareholders of key figures for 2004: "Consolidated revenues for 2004 totalled 30.2 billion euros, versus 25.9 billion in 2003, an increase of 16.4% (or 17.7% on a comparable basis). Average sale prices rose steeply in the second half of the year, as did those of raw materials. The European Union accounted for 77.5% of sales, North America for 7.6%, South America 7.1%, and the rest of the world 7.8%." The increased South American contribution and the resulting decline in Europe's relative share stemmed mainly from the consolidation of Acindar in Argentina for eight months and of CST in Brazil for three months."
   
   Arcelor honours its promises and exceeds its targets
   
   Joseph Kinsch also stressed that "thanks to reduced costs through synergies achieved and a tight grip on inventories, Arcelor reduced its net financial debt by 2 billion euros in 2004." It totalled 2.5 billion euros at 31 December 2004, versus 4.5 billion at the end of 2003.
   Finally, he pointed out that "the success of the 1,136 million euro capital increase carried out in July 2004 accelerated the consolidation of Arcelor's Brazilian assets, for which we wish to thank our shareholders."
   
   Growth in the emerging countries
   
   Guy Dollé, Chairman of Arcelor's Management Board, discussed steel market trends before describing the short term outlook: "Fears of a steel shortage in spring 2004 and the prospect of rising prices drove customers to increase their purchases beyond their real needs. At the same time, imports rose substantially towards the end of the year, after decreasing in the first half of 2004." As a result, 2004 ended with higher than normal inventories. He added: "Customers then began running down their inventories in February 2005, in order to bring them back to the year-end 2003 level, which accounts for the reduction in orders in the early part of this year. The situation should stabilise this summer, even though demand remains very robust in the Chinese market. Consequently, we do not expect our sale prices to weaken sharply, with second quarter prices very close to first quarter levels." In these conditions, the Chairman of the Management Board considered that, after! an outstanding year 2004, 2005 should be another good year for Arcelor, albeit against a background of slower growth for the steel industry.
   
   Arcelor: driving change in the global steel industry
   
   Guy Dollé confirmed the Group's growth strategy, emphasising that one of the aims behind the creation of Arcelor in 2002 had been "to help change the global steel industry's business model." He pointed out that "the rationalisation of the steel industry and the consolidations initiated with the creation of Arcelor are set to continue." For Arcelor, the priority in terms of external growth lies outside Europe because, "looking to 2010-2015, 80% of the growth in steel consumption will take place in emerging countries."
   
   Arcelor is a leading player of the global steel industry. With a turnover of 30 billion euros in 2004, the company holds leading positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company - number one steel producer in Europe and Latin America - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. Arcelor employs 95,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations and social responsibility.
   
   NB: Arcelor will publish its first-quarter 2005 results on Tuesday May 3, 2005, before the markets open.