ArcelorMittal Swings to 4Q Net Profit

   By Christopher Alessi 
 

FRANKFURT--Steelmaker ArcelorMittal said Friday it swung to a profit in the fourth quarter of 2016, while outlining an increase in capital expenditure for the current year.

Net profit for the period ended Dec. 31 was $403 million, compared with a loss of $6.69 billion during the same period a year earlier. It returned to profitability mainly because of a lack of exceptional charges stemming from a quick decline in international steel prices, which caused a loss in 2015.

The world's largest steel maker said it expects to increase capital expenditure in 2017 to $2.9 billion, compared with $2.4 billion last year.

Quarterly sales rose 1% to $14.1 billion, as a result of higher steel shipment volumes, higher average steel selling prices and higher iron-ore reference prices. But those gains were offset by lower market-priced iron-ore shipments, the company said.

Write to Christopher Alessi at [e-mail]

(END) Dow Jones Newswires

February 10, 2017 01:53 ET (06:53 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.