Chesterton Tribune

 

 

ArcelorMittal posts $1.19B in 1Q outlook good

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By KEVIN NEVERS

ArcelorMittal is reporting a net income of $1.19 billion or $1.17 basic earnings per share in the first quarter of 2018, compared to $1.03 billion or $1.02 in the fourth quarter and $980 million or 98 cents in the year-ago period.

“The improvement in global steel market dynamics has continued in 2018, supporting an encouraging financial performance in the first quarter,” Chair and CEO Lakshmi Mittal said in a statement released today. “EBITDA increased 13 percent year-on-year to $2.5 billion, while net income improved by 19 percent to $1.2 billion.”

“The outlook for 2018 has strengthened as the year has progressed, while the combination of growing demand and supply-side reform driving higher capacity utilization rates and healthy steel spreads globally,” Mittal added. “Against this improving backdrop, we continue to focus on structural improvement--through the delivery of our Action 2020 strategic plan--and investing with focus and discipline in opportunities that will drive higher future returns.”

Outlook

“Market conditions are favorable,” the company said. “The demand environment remains positive . . . and steel spreads remain healthy.”

Global apparent steel consumption (ASC) is estimated to have expanded by 3.2 percent in 2018 and is expected to expand in 2018 by between 1.5 and 2.5 percent. In the U.S. ASC is expected to grow by 1.5 to 2.5 percent in 2018, including pipe and tubes, “driven by demand in machinery and construction.”

1Q Numbers

* Sales: $19.18 billion (4Q $17.71 billion, year-ago $16.08 billion).

* Operating income: $1.56 billion (4Q $1.23 billion, year-ago $1.56 billion).

* Operating income per ton: $73 (4Q $59, year-ago $75).

1Q NAFTA, Including

U.S. Facilities

* Sales: $4.75 billion (4Q $4.29 billion, year-ago $4.45 billion).

* Operating income: $308 million (4Q $155 million, year-ago $396 million).

* Crude steel production: 5.86 million metric tons (4Q 5.59 million, year-ago 6.21 million).

* Steel shipments: 5.55 million metric tons (4Q 5.15 million, year-ago 5.61 million).

* Average steel selling price per ton: $779 (4Q $748, year-ago $719).

 

Posted 5/11/2018

 
 
 
 

 

 

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