ArcelorMittal's (MT) Earnings Drop, Revenues Rise Y/Y In Q3
Zacks Investment Research | Nov 02, 2018 08:44AM ET
ArcelorMittal’s (NYSE:MT) profits declined in third-quarter 2018. The company recorded net income of $899 million or 88 cents per share, down from $1.2 billion or $1.18 in the year-ago quarter. The company recorded impairment charges of $509 million in the reported quarter, mainly associated with remedy asset sales for the Ilva acquisition.
Revenues went up roughly 5% year over year to $18,522 million in the reported quarter on the back of higher average steel selling prices. This was offset by lower steel shipments, seaborne iron ore reference prices and market-priced iron ore shipments.
Total steel shipments fell to 20.5 million metric tons from 21.7 million metric tons a year ago, owing to lower steel shipments across NAFTA, Europe and ACIS, partly offset by an improvement in Brazil.
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