ArcelorMittal Swung to Net Loss in 1Q; Suspends Dividend Payouts
07 Maggio 2020 - 8:02AM
Dow Jones News
By Kim Richters
ArcelorMittal said Thursday that it posted a loss in the first
quarter of the year, and it temporarily suspended its dividend
payments amid the coronavirus pandemic.
The Luxembourg-based steel-and-mining company reported a
quarterly net loss of $1.12 billion, compared with a profit of $414
million in the year-earlier period. In the fourth quarter of 2019,
ArcelorMittal's net loss was $1.88 billion.
Sales dropped to $14.84 billion from $19.19 billion, partly due
to lower steel shipments related to the coronavirus pandemic, the
company said.
Earnings before interest, taxes, depreciation and amortization
were $967 million, down from $1.65 billion the year-earlier period.
Analysts had forecast quarterly Ebitda of $867 million, according
to a consensus provided by the company.
ArcelorMittal said it expects Ebitda for the second quarter to
be in the range of $400 million to $600 million.
"Against the backdrop of significant cost-savings measures being
taken across the business, the board determined it both appropriate
and prudent to suspend dividend payments until such a time as the
operating environment normalizes," it said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
May 07, 2020 01:47 ET (05:47 GMT)
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