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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ArcelorMittal | EU:MT | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.12% | 24.30 | 24.23 | 24.35 | 24.68 | 24.16 | 24.50 | 1,804,974 | 16:40:00 |
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.
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