ArcelorMittal: halves losses in Q3
(CercleFinance.com) - ArcelorMittal's Q3 financial results reflect a gradual recovery in the end markets for steel, particularly in the automotive sector, it said.
EBITDA amounted to 900 million dollars in Q3, up 27.4% relative to Q2, driven by the rise in marketable iron ore prices (up 26.2%) and the increase in deliveries for the steel business (up 17.5%).
However, ArcelorMittal recorded a net loss of 261 million dollars in Q3, or a basic loss per share of 0.21 dollar, less than the consensus, but better than in Q2 (-559 million dollars).
All steel segments have seen improvements in demand, the group said. Following the agreed sale of ArcelorMittal USA, it is now prioritising returning cash to shareholders.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
EBITDA amounted to 900 million dollars in Q3, up 27.4% relative to Q2, driven by the rise in marketable iron ore prices (up 26.2%) and the increase in deliveries for the steel business (up 17.5%).
However, ArcelorMittal recorded a net loss of 261 million dollars in Q3, or a basic loss per share of 0.21 dollar, less than the consensus, but better than in Q2 (-559 million dollars).
All steel segments have seen improvements in demand, the group said. Following the agreed sale of ArcelorMittal USA, it is now prioritising returning cash to shareholders.
Copyright (c) 2020 CercleFinance.com. All rights reserved.