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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arcelor Mittal New | NYSE:MT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.19% | 26.02 | 26.37 | 26.13 | 26.32 | 1,449,631 | 01:00:00 |
PARIS-- ArcelorMittal SA has warned investors that it will miss its profitability target this year after it turned in a wider-than-expected first-quarter net loss amid tumbling steel prices.
The Luxembourg-based steelmaker, the world's largest producer by shipments, said on Thursday that U.S. customers have run down steel inventories amid growing competition from Chinese and Russian steel exports, contributing to a world-wide steel glut.
The company, responsible for some 6% of global steel output and a major producer of iron ore, now expects its earnings before interest, taxes, depreciation and amortization within a range of between $6 billion and $7 billion. The company previously expected Ebitda to end the year within between $6.5 billion and $7 billion. ArcelorMittal's Ebitda was $7.24 billion last year.
The steelmaker said its net loss in the three months to end March widened to $728 million from $205 million in the same quarter last year on a 13% fall in revenue to $17.12 billion. The profit figure missed analysts" expectations for a net loss of around $380 million.
"We faced a number of headwinds in the first quarter, including a declining iron-ore price, a stronger dollar and surge of imports in the U.S.," said Lakshmi Mittal, ArcelorMittal's Chairman and Chief Executive.
ArcelorMittal said its average EBITDA per metric ton of steel produced fell to $59 in the first quarter from $75 in the previous three months and $63 from the same period last year.
The company reaffirmed its expectations to lower net debt to $15 billion over the medium term after reporting net debt of $16.6 billion at March 31, down from $18.5 billion on the same day a year ago.
-Write to Inti Landauro at inti.landauro@wsj.com
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