PARIS, Jan. 30, 2002 (PRIMEZONE) -- Consolidated net sales of Usinor (Paris Stock Exchange:USI) for the fourth quarter of 2001 amounted to 3,381 million euros, compared to 3,972 million for the fourth quarter of 2000, or a 14.5% decrease on a comparable basis.
in euro millions 4th quarter 4th quarter Change on a
2000 2001 comparable
basis
Flat Carbon Steels 2,362 1,973 -15.9%
Processing and
Distribution 1,160 853 -15.7%
Stainless Steels,
Alloys and
Specialty Plates 867 781 -11.3%
Other activities 162 100 -28.6%
Intra-Group sales -579 -326 -
Usinor 3,972 3,381 -14.5%
Strong erosion of net sales for Carbon Flat Steels during the fourth quarter 2001 compared to fourth quarter 2000 confirms trends observed during the third quarter, and more specifically the severe drop of industrial activity. Within this context, the reduction of volumes (-9.5%) reflects an absence of apparent consumption, as well as significant production cuts. Average selling prices drop by 7% under further pressure of massive destocking.
Processing and Distribution show a volume decrease of 10.4% reflecting the same very tough environment. Demand and pricing for tubes remained weak and have considerably deteriorated in Distribution and Construction. Variation in average selling prices was -5.9%.
Stainless Steels, Alloys and Specialty Plates see 7.5% volume increase mainly due to higher shipments for flat stainless, a slight increase in the specialty plate activity and higher deliveries of semi-finished products. Average selling prices decrease by 17.9%, translating both a decrease of basic prices and a drop of nickel prices of more than 30% compared to prices at year end 2000.
For Flat Carbon Steels the situation remains very difficult for the first quarter 2002. Demand from general industry continues to be very depressed, demand for automotive being now more positively oriented after a significant decrease at year-end. One can nevertheless note that price increases announced in USA at the beginning of the year and several statements made by European producers, coupled to further production cuts, could be interpreted as positive signs confirming the end of destocking during this first quarter 2002.
For Flat Stainless steels, a better demand and a reduced level of inventories could lead to a significant increase of basic prices at the end of the quarter.
Consolidated net sales for year 2001 amounted to 14,523 million euros compared to 15,733 million for 2000 or a 7.8% decrease on a comparable basis.
in euro millions 2000 2001 Change on a
comparable
basis
Flat Carbon Steels 9,152 8,391 -8.1%
Processing and
Distribution 4,593 3,759 -7.4%
Stainless Steels, Alloys
and Specialty Plates 3,682 3,305 -11.1%
Other activities 619 446 -17.1%
Intra-Group sales -2,313 -1,378 -18.7%
Usinor 15,733 14,523 -7.8%
This news release contains forward-looking statements that involve a number of risks and uncertainties. These statements are based on current expectations whereas actual results may differ.