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11/1/2018, 7:19 AM (Source: TeleTrader)
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ArcelorMittal's EPS drops 32% YoY to $0.89 in Q3

Steel and mining company ArcelorMittal S.A. reported on Thursday that its basic earnings per share (EPS) in the third quarter of 2018 amounted to $0.89, down from $1.18 in the same period last year and falling from $1.84 in the previous quarter. The company's sales totaled $18.5 billion, dropping 8% on a quarterly basis, and 5% higher than in the three months through September a year ago.

At the same time, operating income amounted to $1.56 billion, 33% lower than in the preceding quarter, but jumping 26% annually. The quarterly decrease was attributed partially to a $0.5 billion impairment primarily related to the Ilva remedy assets sale. Net income fell to $899 million both from the previous quarter's $1.86 billion and $1.2 billion in the corresponding quarter in 2017. The steel producer noted that its EBITDA was 11.2% lower compared to the second quarter of this year, standing at $2.7 billion, due to lower steel shipments. Year over year, it surged 41.8%.

"The progress the industry and our Company has made is significant but we remain cognizant of the challenges, including continued global overcapacity, and we remain concerned with the high level of imports in various markets. We continue to prioritize net debt reduction and a strong balance sheet to ensure we can prosper in all market conditions," said Lakshmi Mittal, Chairman and Chief Executive Officer.

Breaking the News / NI