the $2.90 level - will it hold?, page-66

I guess it depends which barrel you want to push. The world's largest steel makes does not seem too concerned....

LONDON--Steel titan ArcelorMittal on Friday reported its second consecutively quarterly profit due to a broadly stronger performance from its steel business that more than offset the negative impact of a falling iron ore price on its mining business in the third quarter.

It also reaffirmed its full-year profit guidance.

ArcelorMittal, the world's largest steelmaker by shipments, swung to a net profit of $22 million in the third quarter compared with a net loss of $193 million in the same period a year earlier, but fell 58% from $52 million in the second quarter.

Revenue rose 2.2% on the year to $20.1 billion while earnings before interest, taxes, depreciation and amortization or Ebitda, rose 11% to $1.91 billion in the third quarter compared with the same period a year before. This beat analysts' expectations of $1.81 billion based on a FactSet poll of 12 analysts.

The group reaffirmed that its full-year Ebitda will exceed $7 billion since the negative impact of the declining iron ore price on its mining division's profitability is being offset by an improvement in the steel business.
"Europe has delivered another strong quarter, reflecting improved market conditions and the benefits of the optimization efforts," the company's Chief Executive Lakshmi Mittal said. He noted that the turnaround of the company's operations at its Asia, Common Wealth of Independent States and South African division is evident while its North American business has recovered after a disappointing first half of the year.
"Based on today's market conditions, I do not foresee a deterioration in our performance in the fourth quarter," he added.

From CBS 7th November.