Plus   Neg

ArcelorMittal Slips To Loss In Q1; To Suspend Dividend Payments - Quick Facts

ArcelorMittal (MT) on Thursday reported that its first quarter net loss attributable to equity holders of the parent was $1.12 billion or $1.11 per basic share, compared to net income of $0.45 billion or $0.41 per basic share in the year-ago quarter.

The company noted that economic activity and steel market conditions have significantly deteriorated since measures were introduced by governments worldwide to contain the COVID-19 pandemic.

Adjusted net loss for the quarter was $0.6 billion, excluding impairment and exceptional items.

EBITDA for the quarter was $0.97 billion, down from $1.65 billion last year.

Sales for the quarter declined to $14.84 billion from $19.19 billion in the same period last year. Steel shipments in the quarter were 19.5Mt, down from 21.8Mt a year ago.

Arcelor Mittal said that against the backdrop of significant cost savings measures being taken across the business, its board has decided to suspend dividend payments until such a time as the operating environment normalizes.

Looking ahead, the company expects steel shipments for the second quarter within the range of 13.5Mt to 14.5Mt. EBITDA for the quarter is expected within the range of $0.4 billion to $0.6 billion.

The company anticipates that the actions taken to reduce all costs in line with reduced operating rates to yield a reduction in fixed costs by 25 percent to 30 percent in the second quarter, essentially maintaining fixed costs per-tonne at the first quarter level.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Former Google engineer Anthony Levandowski was sentenced by a U.S. judge to eighteen months in prison for stealing trade secrets from Google's self-driving car unit before he defected to Uber's rival unit. Levandowski admitted that from 2009 to 2016, he worked in Google's self-driving car program, known then as Project Chauffer. JetBlue has strengthened its face covering policy, by prohibiting face masks with vents or exhalation valves, starting August 10. It will also no longer allow customers to claim exemptions from wearing a face covering altogether. Home Depot, Inc. is set to open three new distribution centers in Georgia over the next 18 months, which is expected to create an additional 1,000 new jobs in Greater Atlanta, including full-time and part-time positions. The home improvement retailer has already created more than 5,000 new jobs in Georgia over the last five years.
Follow RTT