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ArcelorMittal sees higher profits than Q1 but posts drastic fall in Q2 earnings

It forecast EBITDA would drop to between $400-$600 million, with steel shipments within a range of 13.5-14.5 million tonnes

twitter-logoReuters | May 7, 2020 | Updated 13:18 IST
ArcelorMittal sees higher profits than Q1 but posts drastic fall in Q2 earnings

ArcelorMittal, the world's largest steelmaker, reported slightly higher than expected first quarter profits, but sharply declining earnings in the second quarter because of the COVID-19 pandemic.

The Luxembourg-based company said on Thursday its first-quarter core profit (EBITDA), the figure most watched by the market, was $967 million, compared with the average forecast in a company poll of $867 million.

It forecast EBITDA would drop to between $400-$600 million, with steel shipments within a range of 13.5-14.5 million tonnes.

Net debt rose to $9.5 billion in the first quarter, from $9.3 billion at the end of 2019. Because of the need to save costs, the company said it suspended dividend payments until further notice. It had proposed a dividend for 2019 of $0.30 per share.

Also read: Govt plans stake sale worth Rs 22,000 crore in ITC, Axis Bank: report

Also read: Coronavirus turns tables; shortage forces China to import Indian steel

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