2/6, 7:03 AM (Source: TeleTrader)
more TeleTrader news

ArcelorMittal posts loss of $1.5B in Q4

ArcelorMittal posted a loss of $1.5 billion in the last quarter of 2019, which is an increase from a loss of $627 million in the same quarter a year ago, the company announced on Thursday. Basic loss per share was $1.86 which comes after earnings per share of $1.18 in the final three months of 2018. Sales fell 15.3% year-on-year to $15.5 billion.

In the full-year 2019, the loss per basic share was $2.42, compared to earnings per share of $5.07 in the entire 2018. The net loss came in at $2.5 billion for 2019 after a net income of $5.1 billion in 2018. Revenues for the full-year 2019 dropped to $70.6 billion from $76 billion in the previous twelve-month period.

CEO Lakshmi N. Mittal said: "2019 was a very tough year, clearly reflected in our significantly reduced profitability," and added: "Although market conditions remain challenging, there are encouraging early signs of improvement particularly in our core markets of US, Europe and Brazil. With inventory levels having reached a very low level following a period of de-stocking, we are seeing customers return to the market, supporting an improved pricing environment."

Breaking the News / VP