By Joshua Stein

ArcelorMittal on Thursday named a new chief executive and said it swung to a net profit in the fourth quarter of 2020.

The company appointed Aditya Mittal to be its next chief executive officer, and said current CEO Lakshmi Mittal will become executive chairman. Aditya Mittal is currently chief financial officer and head of ArcelorMittal Europe.

The Luxembourg-based steel-and-mining company reported a quarterly net profit of $1.21 billion, compared with a net loss of $1.88 billion a year earlier.

In the fourth quarter, sales dropped to $14.18 billion from $15.51 billion, mostly due to the impact of the coronavirus pandemic on overall steel demand, according to the company.

Earnings before interest, taxes, depreciation and amortization were $1.73 billion, up from $925 million the previous year. Analysts expected fourth-quarter Ebitda of $1.47 billion, according to a consensus provided by the company.

ArcelorMittal proposed a dividend of $0.30 to be paid in June 2021.

Write to Joshua Stein at joshua.stein@wsj.com

(END) Dow Jones Newswires

February 11, 2021 02:19 ET (07:19 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal