Chesterton Tribune

 

 

ArcelorMittal posts 3Q net loss of $539M

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By KEVIN NEVERS

ArcelorMittal is reporting a net loss in the third quarter of $539 million or 53 cents per common share, compared to a net loss in the second quarter of $447 million or 44 cents; compared also to a net income in the year-ago of $899 million or 89 cents.

“As anticipated, we continued to face tough market conditions in the third quarter, characterized by low steel prices coupled with high raw material costs,” Arcelor Chair and CEO Lakshmi Mittal said in a statement released on Thursday. “In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production, and focus on ensuring the business remains cash-flow positive. We continue to expect a substantial working capital release in the fourth quarter which should enable us to further reduce net debt year-on-year.”

3Q Numbers

--Sales: $16.63 billion ($19.27 billion 2Q, $18.52 billion year-ago).

--EBITDA (earnings before interest, taxes, depreciation, and amortization): $1.06 billion ($1.55 billion 2Q, $2.72 billion year-ago).

--Operating income: $297 million (operating loss of $158 million 2Q, operating income of $1.56 billion year-ago).

--Operating income per ton: $15 (operating loss per ton of $7 2Q, operating income per ton of $76 year-ago).

--Shipments: 20.2 million metric tons (23.8 million 2Q, 23.3 million year-ago).

--Crude steel production: 22.2 million metric tons (23.8 million 2Q, 23.3 million year-ago).

 

 

Posted 11/8/2019

 
 
 
 

 

 

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