ArcelorMittal's Net Loss Narrowed in Second Quarter
30 Luglio 2020 - 08:14AM
Dow Jones News
By Martin Mou
ArcelorMittal roughly halved its net loss in the second quarter,
citing weak steel demand.
The Luxembourg-based steel-and-mining company reported a net
loss of $559 million, compared with a loss of $1.12 billion a year
earlier.
Sales fell to $10.98 billion from $14.84 billion, as the
Covid-19 pandemic led to a 23.7% sequential reduction in steel
shipments, the company said.
Earnings before interest, taxes, depreciation and amortization
totaled $707 million compared with $967 million.
The company's net debt as of June 30 was $7.8 billion, the
lowest level since the merger of Arcelor and Mittal Steel, it
said.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
July 30, 2020 01:59 ET (05:59 GMT)
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