MT Arcelor Mittal New

   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)

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