ArcelorMittal swings to loss on one-time charges
dpaLuxembourg Luxembourg-based steel and mining company ArcelorMittal reported on Thursday higher earnings in the third quarter compared to the same period of the previous year, bu...
ArcelorMittal, a Luxembourg-based steel and mining company, experienced a net loss in the third quarter due to one-time charges, despite reporting higher earnings before interest, taxes, depreciation and amortization (EBITDA) and sales. The company's net loss per share decreased from $0.49 to $0.52, while adjusted net income attributable to equity holders increased from $474 million to $868 million.
EBITDA totalled $2.023 billion, up from $1.508 billion in the previous year, exceeding historical averages. Sales rose to $16.466 billion from $15.657 billion. Crude steel production remained at 13.7 million tons, while steel shipments declined to 13 million tons from 13.6 million metric tonnes. Total iron ore production increased to 12.6 million tons, with iron ore shipments from AMMC and Liberia reaching 9.7 million tons.
The company anticipates flat shipment growth accelerating in the fourth quarter and expects double-digit year-on-year increases in shipments for the second half.
Written by urgent.news from Qatar Tribune Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
