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ArcelorMittal posts Q4 loss

Christian Fernsby |
ArcelorMittal reported a fourth quarter net loss of $1.9 billion compared to net income of $1.2 billion a year ago.

Topics: ARCELORMITTAL   

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.


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