ArcelorMittal 3Q Net Loss Narrowed; Cautious About Future
By Ian Walker
ArcelorMittal on Thursday reported a narrowed third-quarter net
loss after booking an impairment gain, and said it remains cautious
about the future.
The Luxembourg-based steel-and-mining company made a net loss of
$261 million for the third quarter, compared with a loss of $539
million a year earlier. It booked an impairment gain of $556
million in the period, most of it relating to a partial reversal of
impairment charges after the sale of its U.S. business.
Sales fell to $13.27 billion from $16.63 billion, as the company
experienced a rise in steel shipments.
Earnings before interest, taxes, depreciation and
amortization--one of the company's preferred metrics--were $901
million compared with $1.06 billion and a company provided
consensus of $838 million, based on 19 analysts' forecasts.
ArcelorMittal in September said that it was selling its U.S.
business to Cleveland-Cliffs Inc. for $1.4 billion and planned to
return $500 million of the money to shareholders via a
share-buyback program. The program completed on Oct. 30.
The disposal is expected to close within the fourth quarter of
2020, subject to regulatory approvals and customary closing
conditions, ArcelorMittal said at the time.
Write to Ian Walker at firstname.lastname@example.org
(END) Dow Jones Newswires
November 05, 2020 01:38 ET (06:38 GMT)
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