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ArcelorMittal to Shut Indiana Plant
ArcelorMittal (MT - Snapshot Report) said it will shed 400 workers as it plans to shut a plant in Indiana amid the ongoing economic downturn.
The company also stated that it would stop operations indefinitely at the Indiana Harbor Long Carbon facility in East Chicago. It also notified the workers of reductions effective in about 2 months.
Shares of the company fell a little more than 4% Tuesday on unusually low volume. More than 6 million shares changed hands today, compared to the daily average volume of 8 million.
Three analysts have pulled back on expectations over the past month, bringing the 2009 consensus estimate down to 77 cents per share from $1.39.
ArcelorMittal missed the consensus estimate in 3 of the last 4 quarters. It is currently a Zacks #3 Rank ("Hold") company.
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| Market Summary | Feb 10, 2010 00:23 am ET |
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