ArcelorMittal 1Q Profit Dropped Amid Tough Environment
09 Mayo 2019 - 12:42AM
Noticias Dow Jones
By Nathan Allen
ArcelorMittal (MT.AE) said Thursday that its first-quarter
earnings slumped as global steel prices continue to fall.
First-quarter net profit dropped to $414 million from $1.19
billion a year earlier, while sales were almost flat at $19.19
billion, the company said.
Earnings before interest, taxes, depreciation and amortization
fell to $1.65 billion from $2.51 billion, missing a consensus
estimate of $1.68 billion provided by the company.
"Profitability has been impacted by lower steel pricing due to
weaker economic activity and continued global overcapacity, as well
as rising raw material costs as a result of supply-side
developments in Brazil," Chief Executive Lakshmi Mittal said.
ArcelorMittal recently said it plans to temporarily cut
production in Europe in an effort to mitigate the effects of rising
imports, and high energy and carbon costs.
The company reaffirmed its commitment to maintaining an
investment-grade credit rating and adjusted its target to reduce
net debt to below $7 billion from a previous target of below $6
billion to reflect the impact of the IFRS accounting standards.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 09, 2019 01:27 ET (05:27 GMT)
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