By Olivia Bugault 
 

ArcelorMittal (MT.FR) said Thursday that it swung to a loss in the second quarter dragged by impairments, and that it has updated its full-year outlook for steel demand.

The steelmaker's net loss for the quarter was $447 million, compared with a profit of $1.87 billion a year earlier, as the company booked $0.9 billion of impairments, it said.

Earnings before interest, taxes, depreciation and amortization was down roughly half on year, at $1.56 billion, falling short of a company-compiled consensus which had Ebitda at $2.85 billion.

Sales were $19.28 billion for the quarter, down from $20 billion a year earlier, the company said. Analysts had predicted sales of $17.22 billion, according to a consensus compiled by FactSet.

The company now expects global steel demand in 2019 to grow between 0.5% and 1.5%. It said that against this backdrop and considering scope changes--the ArcelorMittal Italia acquisition, remedy asset sales and European production curtailments--steel shipments "are still expected to increase year-on-year, which should provide support for the group's Action 2020 program."

 

Write to Olivia Bugault at olivia.bugault@dowjones.com

 

(END) Dow Jones Newswires

August 01, 2019 01:34 ET (05:34 GMT)

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