ArcelorMittal Posts Lower 2Q Earnings as Steel Shipments, Prices Fell
27 Julho 2023 - 03:08AM
Dow Jones News
By Pierre Bertrand
ArcelorMittal reported lower second-quarter earnings Thursday
after a decline in steel shipments and lower average steel selling
prices.
The Luxembourg-based steelmaker made $1.86 billion in net profit
for the quarter, compared with $3.92 billion in the prior year, on
revenue that fell 16% to $18.61 billion.
The company's earnings before interest, taxes, depreciation and
amortization came to $2.60 billion, a 49% decrease on year.
The result compares with analysts' expectations of $1.45 billion
in net profit and $2.49 billion in Ebitda for the quarter,
according to a company-provided consensus.
ArcelorMittal's sales were affected by lower steel shipment
volumes and by lower average steel selling prices which fell 16% in
the quarter compared with the prior year, it said.
The company shipped 14.2 million metric tons of steel in the
quarter, compared with 14.5 million tons in the first quarter of
the year, and produced 14.7 million tons of crude steel compared
with 14.5 million tons in the first quarter.
Steel shipments fell 1.2% compared with the second quarter of
last year, the company said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
July 27, 2023 01:53 ET (05:53 GMT)
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