Left Menu
Development News Edition

ArcelorMittal posts USD 539 mn loss in Jul-Sep

ArcelorMittal posts USD 539 mn loss in Jul-Sep
Image Credit: Wikimedia

The world's largest steel maker ArcelorMittal on Thursday reported a net loss of USD 539 million for the July-September quarter of 2019 hit by lower steel shipments and prices, and high material costs. The company had posted a net income (attributable to equity holders of the parent) of USD 899 million in the year-ago period. The steelmaker had posted a loss of around USD 400 million in the second quarter of 2019.

Sales of the company declined to USD 16,634 million in the July-September quarter from USD 18,522 million in the year-ago period. Commenting on the result, ArcelorMittal Chairman and CEO Lakshmi N Mittal in a statement said that "as anticipated, we continued to face tough market conditions in the third quarter, characterised by low steel prices coupled with high raw material costs."

"In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash flow positive. We continue to expect a substantial working capital release in the fourth quarter which should enable us to further reduce net debt year on year," Mittal added. "Total steel shipments in 3Q 2019 were 1.7 per cent lower as compared with 20.5Mt for 3Q 2018. Excluding the impact of the ArcelorMittal Italia acquisition net of the remedy asset sales, steel shipments were 1.6 per cent lower as compared to 3Q 2018," the statement said.

On the outlook, the company said that based on year-to-date growth and the current economic outlook ArcelorMittal expects global apparent steel consumption to grow in 2019. In the US, given continued destocking of the supply chain, apparent steel consumption is now expected to contract in 2019, with ongoing weakness in automotive demand and a slowdown in machinery offset in part by healthy non-residential construction demand.

"In Europe, demand is expected to contract...with ongoing automotive demand weakness and slowing construction exacerbated by supply chain destocking," the statement said. ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Hyderabad Encounter: Time to review modern judiciary and restore people’s confidence

Its probably for the first time in the history of independent India, the parliamentarians, chief ministers and ministers in the Union and State governments are openly supporting an encounter. This indicates the people from top to bottom hav...

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...


Latest News

Saints TE Cook departs with concussion

New Orleans Saints tight end Jared Cook departed Sundays game against the San Francisco 49ers due to a concussion. Cook caught two touchdown passes in the first 1009 of the contest. But on the second scoring grab -- a 26-yarder -- he was hi...

UPDATE 3-Lebanon's Hariri reemerges as PM candidate as Khatib withdraws

Lebanons leading Sunni Muslim politician, Saad al-Hariri, re-emerged as a candidate for prime minister on Sunday when businessman Samir Khatib withdrew his candidacy to lead a government that must tackle an acute economic crisis.President M...

Finland picks youngest-ever prime minister

Finlands Social Democrats elected a 34-year-old former transport minister to the post of the prime minister on Sunday, making her the youngest head of government in the countrys history. Sanna Marin narrowly won Sundays vote to replace outg...

UPDATE 4-Democrats zoom in on Trump impeachment charges this week

Democratic lawmakers could vote this week on articles of impeachment against President Donald Trump, the House Judiciary Committee chairman said on Sunday as lawmakers sharpened their focus on charges of wrongdoing in his dealings with Ukra...

Give Feedback