ArcelorMittal Swung to Loss in 2Q

Date : 08/01/2019 @ 5:49AM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 15.208  -0.372 (-2.39%) @ 4:40PM
ArcelorMittal share price Chart

ArcelorMittal Swung to Loss in 2Q

ArcelorMittal (EU:MT)
Historical Stock Chart

6 Months : From May 2019 to Nov 2019

Click Here for more ArcelorMittal Charts.
   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)

Copyright (c) 2019 Dow Jones & Company, Inc.
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20191113 19:53:52