ArcelorMittal 1Q Profit Supported by Strong Steel Prices
11 May 2018 - 3:50PM
Dow Jones News
By Nathan Allen
ArcelorMittal (MT.AE) said Friday that first-quarter net profit
increased on year, due in part to continued strength in steel
prices.
The steelmaker's net profit was $1.19 billion compared with
$1.00 billion a year earlier, while sales rose more than 16% to
$19.19 billion.
Analysts had predicted profit of $940 million on sales of $18.69
billion, according to a consensus compiled by FactSet.
Earnings before interest, taxes, depreciation and amortization
reached $2.51 billion compared with a company-compiled consensus of
$2.32 billion.
ArcelorMittal said it expects market conditions to remain
favorable but didn't upgrade its guidance for the year.
"The outlook for 2018 has strengthened as the year has
progressed, with the combination of growing demand and supply-side
reform driving higher capacity utilisation rates and healthy steel
spreads globally," said ArcelorMittal Chief Executive Lakshmi
Mittal.
The company said it expects to complete its 1.8 billion euro
($2.14 billion) takeover of struggling Italian steel mill Ilva by
the end of the second quarter, having recently received conditional
approval from the European Commission.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 11, 2018 01:35 ET (05:35 GMT)
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