MT ArcelorMittal

   By Nathan Allen 
 

ArcelorMittal (MT.AE) said Thursday that its net profit dropped in the third quarter as a result of impairment charges relating to the acquisition of Ilva SpA and unfavorable currency swings.

Net profit at the Luxembourg-based steelmaker was $899 million compared with $1.21 billion a year earlier. Sales rose to $18.52 billion from $17.64 billion, the company said.

The company said it booked impairments of $509 million on asset sales related to the Ilva deal and foreign-exchange and financing losses of $475 million.

Stripping out one-off effects, earnings before interest, taxes, depreciation and amortization rose to $2.73 billion from $1.92 billion.

Analysts had forecast Ebitda of $2.75 billion, according to a company-compiled consensus. A FactSet-compiled consensus pegged sales at $19.64 billion.

ArcelorMittal also said it has completed the takeover of Italy's Ilva SpA, which will be folded into the group's European flat products unit and will now be known as ArcelorMittal Italia.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

November 01, 2018 02:33 ET (06:33 GMT)

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