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ArcelorMittal Posts Q4 Loss; Sales Down 15.4% YoY - Quick Facts

ArcelorMittal (MT) reported a fourth-quarter net loss of $1.9 billion or $1.86 per share, compared to net income of $1.2 billion or $1.17 per share, a year ago. On an adjusted basis, the company reported a net loss of $224 million compared to net income of $1.4 billion.

Fourth-quarter sales were $15.5 billion compared to $18.3 billion, a year ago. Sales were 15.4% lower year-on-year primarily due to lower average steel selling prices, lower steel shipments and lower market-priced iron ore shipments offset in part by higher seaborne iron ore reference prices. Total steel shipments were at 19.7Mt, down 2.5% compared to 20.2Mt, prior year. Excluding the impact of the ArcelorMittal Italia acquisition and the remedy asset sales, steel shipments were 0.2% lower year-on-year.

ArcelorMittal said it intends to progressively increase the base dividend paid to its shareholders, and, on attainment of the net debt target, return a percentage of free cash flow annually. The Board proposed the base dividend for 2020 of $0.30 per share which will be proposed to the shareholders at the AGM in May 2020.

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