11/7/2019, 7:08 AM (Source: TeleTrader)
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ArcelorMittal loses $0.53 per share in Q3

Luxembourg-headquartered steel manufacturer ArcelorMittal S.A. posted a loss per share of $0.53 in the third quarter of 2019, down from a $0.89 gain made in the same period a year ago, it said in a release on Thursday. At the same time, total revenue sank from $18.52 billion to $16.63 billion, down 10% annually.

Operating income was reported at $297 million, improving from a loss of $158 million in the preceding quarter, but diving from $1.57 billion reported in the third quarter of 2018. Earnings before interest, taxes, depreciation, and amortization (EBITDA) more than halved in the same period, from $2.73 billion to $1.06 billion, the results showed. Steel shipments were slightly lower on an annual basis to arrive at 20.2 million tonnes.

"As anticipated, we continued to face tough market conditions in the third quarter, characterized by low steel prices coupled with high raw material costs. In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash flow positive. We continue to expect a substantial working capital release in the fourth quarter which should enable us to further reduce net debt year on year," said CEO Lakshmi N. Mittal.

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