European steel giant ArcelorMittal (MT) posted a significantly wider fourth-quarter IFRS net loss of $3.99 billion, or $2.58 per basic share, versus a loss of $1.0 billion, or $0.65 per basic share in the prior-year quarter.
Earnings before interest, tax, depreciation and appreciation or EBITDA, a key metric for ArcelorMittal, totaled $1.32 billion, including $0.2 billion from sale of carbon dioxide credits and $0.2 billion gain on Paul Wurth stake disposal, offset by negative $0.1 billion from employee benefit charges. Last year's EBITDA amounted to $1.71 billion.
Quarterly sales reached $19.31 billion, lower than $22.45 billion in the comparable period in 2011. Total steel shipments for the recent quarter were 20.0 million metric tonnes, compared with last year's 20.6 million metric tonnes.
Looking ahead, the company expects reported EBITDA to be higher in 2013, and steel shipments likely to increase by around 2-3% in as compared with 2012.
Further, the board proposes reducing the annual dividend payment to $0.20/share for 2013. This dividend would be paid in July 2013, subject to shareholder approval at the next annual general meeting in May 2013. Upon the completion of the deleveraging plan and once the market conditions improve, the board plans to progressively increase the dividend.
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