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.