ArcelorMittal 3Q Profit Buoyed By Favorable Market
10 Noviembre 2017 - 1:00AM
Noticias Dow Jones
By Nathan Allen
ArcelorMittal (MT.AE) said on Friday that net profit rose
sharply in the third quarter, due in part to favorable market
conditions.
Net profit at the Netherlands-listed steelmaker rose to $1.21
billion, almost doubling the year-earlier result of $680 million
and comfortably exceeding an analyst consensus from FactSet of $770
million.
Sales climbed more than 21% to $17.08 billion from $14.52
billion a year earlier.
Steel shipments were up 6.9% at 21.7 million metric tons, the
company said, while iron ore shipments increased 8.1% to 15 million
metric tons.
The company also said it booked a foreign exchange gain of $132
million, compared with a $223 million loss a year earlier. Income
tax expenses dropped $75 million on the year.
Chief Executive Lakshmi Mittal said he saw a positive outlook
for 2018 but warned of global overcapacity in the sector.
ArcelorMittal also said it would cooperate fully with a recently
announced European Commission antitrust investigation into its
proposed takeover of Ilva's Italian steelworks.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 10, 2017 01:45 ET (06:45 GMT)
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