Chesterton Tribune

 

 

Arcelor posts $1.32B net income in the 2Q

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By KEVIN NEVERS

ArcelorMittal is reporting a net income in the second quarter of 2017 of $1.32 billion or $1.30 basic earnings per share, compared to $1 billion or 98 cents in the first quarter and $1.11 billion or $1.13 in the year-ago period.

“We have material improved our financial performance in the first half of 2017 and continue to make important progress on our Action 2020 plan,” ArcelorMittal Chair and CEO Lakshmi Mittal said in a statement released today.

“Looking ahead demand remains strong in our core markets supporting robust order books and healthy levels of steel spreads,” Mittal added. “However, it remains a matter of concern that we are not able to capture the full benefits of this demand due to continued high levels of imports. We continue to work towards achieving a comprehensive trade solution in response to unfair imports.”

2Q NAFTA, Including U.S. Flat, Long, and Tubular

* Sales of $4.6 billion ($4.45 billion in 1Q, $3.92 billion in the year-ago). The company attributed the improved results to higher average steel selling prices (+5.7 percent), partially offset by lower steel shipment volumes (-3.4 percent).

* EBITDA (earnings before interest, tax, depreciation, and amortization) of $506 million ($524 million in 1Q, $513 million in the year-ago).

* Operating income of $378 million ($396 million in 1Q, $1.2 billion in the year-ago).

* Steel shipments of 5.41 million metric tons (5.6 million in 1Q, 5.44 million in the year-ago). The company attributed the drop to a 3.9-percent decrease in flat product volumes partially offset by a 1.9-percent increase in long product volumes.

* Crude steel production of 5.76 million metric tons (6.21 million in 1Q, 5.73 million in the year-ago).

* Average steel selling price of $760 per ton ($719 in 1Q, $660 in the year-ago).

Companywide 2Q Numbers

* Sales of $17.24 billion ($16.08 billion in 1Q, $14.74 billion in the year-ago).

* EBITDA of $2.11 billion ($2.23 billion in 1Q, $1.77 billion in the year-ago).

* Operating income of $1.39 billion ($1.57 billion in 1Q, $1.87 billion in the year-ago).

* Steel shipments of 21.5 million metric tons (21.1 million in 1Q, 22.1 million the year-ago).

* Crude steel production of 23.2 million metric tons (23.6 million in 1Q, 23.1 million in the year-ago).

 

 

Posted 7/27/2017

 
 
 
 

 

 

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