ArcelorMittal: Q1 EBITDA better than expected
(CercleFinance.com) - ArcelorMittal has posted a net loss of 1.
12 billion dollars for Q1 2020, compared with a profit of 414 million dollars a year ago, with EBITDA that fell by over 40% to 967 million dollars. Even so, this is well above the consensus of 867 million dollars.
The steelmaker's sales fell by 23% year-on-year to around 14.8 billion dollars for steel shipments of 19.5 million tonnes, down more than 10% compared to the first quarter of 2019.
"Against the backdrop of significant cost savings measures being taken across the business, the Board determined it both appropriate and prudent to suspend dividend payments until such a time as the operating environment normalizes," the group added.
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