ArcelorMittal Raises Full-Year Guidance for Iron Ore Shipments -- Commodity Comment
By Will Horner
ArcelorMittal said iron ore shipments in the third quarter were
better-than-expected and raised its guidance for full-year
market-priced iron ore shipments.
On its iron ore mining:
ArcelorMittal lifted its guidance for market-priced iron ore
shipments due to increased production at its ArcelorMittal Mines
Canada operation. The Luxembourg-based company said it now expected
full-year 2020 market-priced iron ore shipments to be broadly
stable with 2019 levels. The company had been guiding for a 5%
Market-priced iron ore shipments rose to 9.8 million tons in the
third quarter, a 7.5% increase on the second quarter, as Covid-19
related supply disruptions at the AMMC facility eased.
ArcelorMittal said it mined a total of 14.8 million metric tons
of iron ore in the third quarter of the year, 8.9% more than in the
On its coal production:
ArcelorMittal said, however, that coal production fell as output
at mines in Kazakhstan and Princeton, WV slipped.
Coal production in the third quarter came in at 1.2 million
tons, a decrease of 11.1% compared to the second quarter.
Market-priced coal shipments in the third quarter also declined
by 11.1% to 600,000 tons.
On its outlook:
ArcelorMittal said the easing of lockdowns has seen activity and
demand improve and that it was bringing idled operations back
online. However, demand remains below normal levels and the
recovery looks uncertain, it added.
"As concerns around second wave impacts persist, the company
maintains its flexibility to quickly adapt production as conditions
evolve," it said.
Write to Will Horner at firstname.lastname@example.org
(END) Dow Jones Newswires
November 05, 2020 07:19 ET (12:19 GMT)
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