ArcelorMittal Swung to Net Loss in 3Q
November 07 2019 - 1:58AM
Dow Jones News
By Adriano Marchese
ArcelorMittal (MT.AE) said Thursday that it swung to net loss
for the third quarter of 2019 compared with a year prior, blaming
difficult market conditions with low steel prices and high raw
material costs.
For the three-month period ended Sept. 30, net loss at the
Luxembourg-based steelmaker was $539 million, compared with a
profit of $899 million a year earlier.
Earnings before interest, taxes, depreciation and
amortization--a preferred metric by the company--was $1.06 billion,
compared with $2.73 billion a year earlier. Analysts had forecast
an Ebitda of $930 million according to a company-compiled
consensus.
Sales in the quarter were $16.63 billion, down from $18.52
billion in the third quarter of 2018.
The company said that it now expects steel shipments to be
stable in 2019 compared with 2018, which it revised from a previous
guidance of an increase year-on-year.
"As anticipated, we continued to face tough market conditions in
the third quarter, characterized by low steel prices coupled with
high raw-material costs," Chairman and Chief Executive Lakshmi N.
Mittal said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 07, 2019 01:43 ET (06:43 GMT)
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