ArcelorMittal Swings to 4Q Net Profit
February 10 2017 - 2:08AM
Dow Jones News
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 christopher.alessi@wsj.com
(END) Dow Jones Newswires
February 10, 2017 01:53 ET (06:53 GMT)
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