ArcelorMittal 2Q Profit Jumps 40% as Steel Prices Stay Strong
01 Agosto 2018 - 7:47AM
Dow Jones News
By Nathan Allen
ArcelorMittal (MT.AE) said Wednesday that its second-quarter net
profit jumped more than 40%, as high steel prices continue to buoy
its financial performance.
The steelmaker's net profit for the quarter was $1.87 billion
compared with $1.32 billion a year earlier, the company said.
Earnings before interest, taxes, depreciation and amortization
were up 46% on year, at $3.07 billion, comfortably outstripping a
company-compiled consensus, which pegged Ebitda at $2.85
billion.
Sales were $20.00 billion for the quarter, up from $17.24
billion, the company said. Analysts had predicted sales of $17.31
billion, according to a consensus compiled by FactSet.
Chief Executive Lakshmi N. Mittal sounded fairly bullish, noting
structural improvements in the global steel industry and within
ArcelorMittal. He said the group would continue to pursue its goal
of lowering its net debt to $6 billion.
"We believe improvements in underlying industry fundamentals are
sustainable, although there is still more to be done to thoroughly
address the issue of global overcapacity," he said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 01, 2018 01:32 ET (05:32 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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