ArcelorMittal, the Netherlands-listed steel producer, towers over its peers. It has twice the capacity of the global number two, Japan’s Nippon Steel. Yet that scale has not helped ArcelorMittal control costs, and it desperately needs to do so. Interest expense eats up a large portion of its profits and it has posted a net loss every year since 2011.

在荷兰上市的钢铁制造商安赛乐米塔尔(ArcelorMittal)的体量傲视同行。其产能为全球第二大钢企日本新日铁(Nippon Steel)的两倍。然而，这种规模并未帮助安赛乐米塔尔控制成本，而这正是该公司极有必要做的。利息支出消耗了一大部分利润，该公司自2011年以来每年都出现净亏损。

Steel prices have fallen over the past year. Chinese steelmakers, facing a 5 per cent fall in domestic demand, have been exporting instead. Six of the world’s top ten steel producers are Chinese. Price deflation shows no sign of abating soon.

过去一年，钢材价格下滑。由于国内钢铁需求下降了5%，中国钢铁企业把重心转向出口。全球前十大钢铁制造商中有六家为中国企业。没有任何迹象显示价格下跌趋势即将减弱。

To the company’s credit, its net debt has declined for several years in a row. Its ratio of net debt to earnings before interest, tax, depreciation and amortisation, at three times, is no higher than its largest peers.

值得称许的是，安赛乐米塔尔的净债务已经连续多年下降。其净债务与息税折旧及摊销前利润(EBITDA)之比为3倍，并未高于各个主要竞争对手。

But this is one of those companies for which the use of ebitda hides the real problem. Its depressingly frequent asset writedowns are non-cash. But the resulting net losses still reduce shareholder equity — as they should, given that they represent real economic losses. Only US Steel has as poor a record when it comes to regular net losses. Its shares, along with ArcelorMittal’s, have trailed their global rivals this year.

但对有些公司来说，EBITDA数据隐藏了真正的问题，安赛乐米塔尔正是这样一家公司。该公司过度频繁的资产减记都为非现金资产。但由此带来的净亏损仍减少了股东权益——本来就应如此，因为它们代表真正的经济损失。说到频繁出现的净亏损，只有美国钢铁(US Steel)有同样糟糕的记录。今年，美国钢铁同安赛乐米塔尔的股价表现都弱于它们的全球竞争对手。

So ArcelorMittal needs to do more to cut debt. The company believes it did enough three years ago, issuing equity while shutting down furnaces. Then the problem was falling steel demand, not increasing supply.

因此，安赛乐米塔尔需要采取更多措施削减债务。该公司认为其三年前采取的措施已经足够——发行股票并关闭高炉。但之后的问题是钢材需求下降，而非供给增多。

Yes, next year’s dividend has been suspended. That means savings of just a few hundred million dollars; the company needs multiples of that. Unless China’s steel market supply suddenly collapses, or demand surges, steel prices will not rebound sharply enough to help. Debt must come down more rapidly.

不错，明年要暂停分红。但这意味着只能节省几亿美元，而该公司需要节省出这个数的好几倍。除非中国钢材市场供给锐减或者需求激增，否则钢价不会出现足够大幅的反弹、给安赛乐米塔尔带来提振。必须更快地削减债务。

Giants stay strong as long as they remain upright. ArcelorMittal’s net debt threatens to lay it low. It should consider more radical action, such as an equity issue or even a sale of its iron ore business, to regain its poise.

只要坚持站稳，巨人就依然强大。安赛乐米塔尔的净债务有可能将其击倒。该公司应该考虑采取更激进的措施，例如增发新股或出售旗下铁矿石业务以重获平衡。