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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.

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