ArcelorMittal (MT) reported a plunge in third-quarter net income to US$903 million or US$0.60 per common share from US$3.82 billion or US$2.78 per common share last year. On average, 6 analysts polled by Thomson Reuters expected loss per share of US$0.06 for the quarter. Analysts' estimate typically excludes one-time items.
Sales for the third quarter of 2009 fell significantly to US$16.17 billion from US$35.20 billion in the comparable period. Four analysts estimated revenues of $16.30 billion for the quarter. Fourth-quarter 2009 EBITDA is expected to be about US$2.0 billion - US$2.4 billion. In addition, shipments and average steel selling prices are expected to be higher in the fourth quarter of 2009 than in the third quarter of 2009.
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