ArcelorMittal posts Q4 loss
On an adjusted basis, the company reported a net loss of $224 million compared to net income of $1.4 billion.
Fourth quarter sales were $15.5 billion compared to $18.3 billion a year ago.
Sales were 15.4% lower year on year primarily due to lower average steel selling prices, lower steel shipments and lower market-priced iron ore shipments offset in part by higher seaborne iron ore reference prices.
Total steel shipments were at 19.7Mt, down 2.5% compared to 20.2Mt, prior year.
Excluding the impact of the ArcelorMittal Italia acquisition and the remedy asset sales, steel shipments were 0.2% lower year-on-year.
ArcelorMittal said it intends to progressively increase the base dividend paid to its shareholders, and, on attainment of the net debt target, return a percentage of free cash flow annually.
The Board proposed the base dividend for 2020 of $0.30 per share which will be proposed to the shareholders at the AGM in May 2020. ■